Bloomberg reports that the largest blackout in Spain’s history cost the economy 400 million euros. Data from CaixaBank SA evidence this.
According to a preliminary estimate by CaixaBank SA, based on card usage, online purchases, and ATM cash withdrawals, Spanish households’ consumer spending fell by 34% on April 28, when most mainland Spain suffered from a multi-hour power outage.
The drop was partially compensated for in the following days, so spending was 15% lower than usual in the end.
“We estimate that the power outage will have a one-time impact on quarterly GDP of less than one-tenth of a percentage point, less than €400 million,” the bank said in a report.
The outage began around 12:30, leaving about 50 million people across Spain and Portugal without power. The government of Madrid is still investigating the exact causes of the blackout, which disrupted public transportation, telecommunications, and retail.
The Spanish economy is expected to grow by 2.6% this year and 2.2% in 2026. In recent years, it has shown the best results among the largest economies in the eurozone.
According to Bloomberg, the Spanish economy may lose up to 0.5% of quarterly GDP due to the blackout, but some of these losses will likely be compensated for in the coming days and weeks.