Spain's gross domestic product fell by 11% last year. This was more than the declines in the five years since the global financial crisis that began in 2008. The increasingly harsh restrictions imposed since the beginning of the year suggest that expectations of a strong return in 2021 should be tempered.

The Spanish government projects a GDP recovery of 7.2% this year, above the forecasts of analysts who last week reduced their estimates to 6.3% from 6.5%. The International Monetary Fund cut its forecast to 5.9% and warned that the recovery will be slower than other advanced economies, including the United States and Japan.

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