More than half of Spanish companies reopen after closing at height of pandemic

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More than half of Spanish companies reopen after closing at height of pandemic

As a pandemic-scarred Spanish economy appeared to have shut its eyes to a reawakening of pandemic outbreak across the continent, more than half of the companies which had faced off forced business closures over the second quarter of the year when the pandemic had been rampaging the 19-member eurozone economy, had reopened following an ease of the pandemic restrictions, Spanish Govt.

data had revealed on Saturday. Apart from that, latest set of a mixed sag of economic data had been pointing towards a gradual healing of the pandemic-led fiscal wounds, the Spanish Ministry of Inclusion, Social Security and Migration had revealed on Saturady that the number of businesses applied to pay off social securities by end-July, stood at around 1.3 million, down by roughly 100,000 recorded before the onset of forced lockdown measures.

Business re-opening closes in pre-pandemic level in Spain

Besides, as the bloc’s fourth-largest economy had reported sweeping a rise in the number of firms operational across the country, Govt. data had also revealed that about 50,000 companies had registered with the Government followed by an ease of the lockdown measures in May.

In tandem, while the Spanish economy has been on the lookout of a clean start after the pandemic-propelled blows which had rattled its already ailing economy, Govt. data released on Saturday had also revealed that the worst affected sector due to the pandemic outbreak had been education with a contraction of 22 per cent, which followed a shrinkage in agriculture and fishing industry, both of which had retracted around 15 per cent.

Though, throwing an unprecedented spanner into a sharp revival of Spanish economy, Friday’s Markit Flash eurozone composite PMI had reported a hefty drop, remarking a sluggishness circulating around a resurgence of the bloc’s economic recovery.

Notably, in latest vindication of a revival of Spanish economy, Spain’s trade deficit had soared to a €1.48 billion in June on an adjusted basis, as the country’s exports had witnessed an upsurge amid dwindling imports due to the pandemic-led restrictions.