Iberian Peninsula countries represent almost 9% of EU GDP and more than 10% of its population.
In July, the European Commission forecasted than Spain and Portugal will suffer two of the biggest GDP decreases in the region (-10,9% and 9,8% respectively).
Both economies depend on large measure on the service sector, which has been the most affected by lockdown measures. The torusim sector plays an important role.
After the 2008 financial crisis, the foreign sector was a key element in the economy recovery, while a significant deterioration is expected for 2020.
Spain is at the head of the EU in terms of unemployment, while Portugal remains closer to average levels. The impact of Covid-19 will raise the rate of unemployment in Spain by 4.8pp.