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Bank of Spain holds back on predicting level of economic fallout due to uncertainty

The headquarters of the Banco de España in Madrid.
The headquarters of the Banco de España in Madrid. / EFE
  • In a report it only went as far as saying the effects of the coronavirus crisis would be "very pronounced" in the short term

The Bank of Spain has taken the unusual step of not predicting what the extent of the impact of the current crisis would be on the Spanish economy in its latest quarterly report.

Published on Wednesday, the report did not put a percentage figure on contraction, keeping to general comments such as the effects would be "very pronounced in the short term".

Funcas, a body representing savings banks, has however said it expects at least a three per cent contraction in 2020 so far.