Spain: consumption drop four times as much as in ‘93

According to the results of a study by the Spanish savings bank Caixa Catalunya, consumption will fall 4.1% this year, making the reaction to this downturn four times as severe as during the last big downturn in 1993.  Back then consumption only fell 0.9%.

The results are not only an indication of the deteriorated employment outlook in Spain but also of pressures due to the collapse in housing and shares as well as a loss of confidence by consumers.

The greatest falls are expected in the Canary Islands (-6%), Cantabria (-5.1%), Extremedura (-5%) and Navarra (-5%).

More here in Spanish from Finanzas.

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