Reuters reports that Economy Minister Nadia Calvino said that Spain’s economy showed clear signs of a slowdown in the first months of 2021 after a modest recovery in the fourth quarter of 2020.

Despite the slowdown in January and February, Spain will likely still post one of Europe’s fastest annual growth rates after suffering one of the region’s worst economic contraction last year, Calvino said.

She pointed to higher electricity consumption and credit-card spending, as well as a reduction in the number of furloughed workers, as positive signs in March.

The government has projected a 7.2% GDP rebound this year, while the Bank of Spain expects growth of 6.8%. Spain’s economy contracted by 11% in 2020, its worst full year on record.