Spain’s public deficit will balloon to about $126 billion this year, or 10.3% of GDP, more than triple last year’s deficit, the government announced Friday.

The public deficit, as a percent of gross domestic product, impacts Spain’s capacity to get financing.

The International Monetary Fund predicts Spain’s economy will shrink by 8% in 2020, before recovering and growing 4.3% in 2021.

The numbers are part of Spain’s updated outlook for 2020 submitted to the European Commission.

These are prudent predictions,” said Finance Minister Maria Jesus Montero, at a televised news conference.

Spain’s jobless rate is expected to increase to 19% by the end of this year, up from 14% now, the government said.

Spain has the world’s second-highest number of confirmed coronavirus cases after the United States, according to Johns Hopkins University, and its state of emergency home confinement order is in its 7th week. The rate of infections has now slowed.

IAG, the owner of British Airways, said Friday that two other airlines in the company, Spain’s Iberia and Vueling, have received $1.1 billion in Spanish state-backed loans, according to a news release sent to CNN.

Spain’s tourism sector has been the most affected by the restrictions, said Economy Minister and Deputy Prime Minister Nadia Calviño at the news conference.

The recovery of this doesn’t depend just on Spain but on the international context and on the countries that are the origin for tourists to our country,” Calviño said.

Tourism accounts for 12.3% of Spain’s GDP and 2.6 million jobs, or 12.7% of total unemployment, according to Tourism Ministry figures. The industry is at a standstill due to coronavirus.