Like many other economies, Spain’s has been hit hard by Covid-19. Gross domestic product for 2020 fell by 11% compared with 2019, according to the country’s National Statistics Institute.
Spain is hoping to receive around €140bn from the EU’s post-pandemic recovery fund, which will be directed towards efforts to boost its economy. This will be made up of an initial €70bn in grants between 2021 and 2023, and a further €70bn in loans from 2024 to 2026.
