Reuters reports that according to the report from National Statistics Institute (INE), Spain's economy did not grow in the fourth quarter as restrictions to curb a second wave of infection weighed on private consumption.

The data showed a 0% variation in output between the fourth quarter and the third, compared with a flash estimate for 0.4% growth and following a higher-than-expected 17.1% quarterly jump in the third quarter. Still, public spending supported the economy in last quarter and it did not enter negative territory. Investment also showed some resilience in the last three months of the year.

The statistics office revised Q3 GDP to 17.1% from a previous 16.4% reading.

On an annual basis, gross domestic product shrank by 10.8% in 2020, in a marginally less severe contraction than the previously reported 11% but still the worst annual decline on record.