All news

Spain's economy could lose one bln euro in GDP due to blackout — newspaper

Spanish grid operator Red Electrica said earlier that 99.16% of power had been restored in the country

MADRID, April 29. /TASS/. The Spanish economy could incur losses of one bln euro as a result of Monday's massive blackout, the local newspaper The Objective said citing market watchers.

The blackout will have a big impact on the kingdom’s GDP as many enterprises had to shut down for the day. According to the analysts interviewed, Spain’s GDP amounts to over 4 bln euro per day, with the industrial sector accounting for around 14% (around 575 mln euro), and the services sector accounting for another 12% (roughly 500 mln euro). Thus, they calculated that total losses for the Spanish economy could reach one bln euro.

Spanish grid operator Red Electrica said earlier that 99.16% of power had been restored in the country.

On April 28, major blackouts occurred in Spain and Portugal, leaving millions of people without electricity. Power supply problems were also reported in Andorra and parts of southern France near the Spanish border, the Euronews television channel said.