URGENT-Spain's GDP to contract 9.2% in 2020 - economy minister

Spain's GDP will contract 9.2% in 2020, Economy Minister Nadia Calvino said on Friday, as the coronavirus pandemic battered the economy. GDP is expected to grow by 6.8% in 2021, she said.

The Bank of Spain expected an "asymmetric V-shape recovery, with the deepest decrease in the second quarter and then a strong and gradual recovery in the second half of the year," Calvino said. "Forecasts are prudent and consistent", she said.

On Feb. 11, prior to the imposition of a nationwide lockdown to counter the pandemic, Calvino had forecast 2020 GDP growth at 1.6%.