February’s dreadful Spanish retail sales figures have dashed any hopes that the recent sharp falls in inflation and mortgage payments would lead household spending to stabilise at the start of the year. With conditions likely to get worse before they get better for Spanish households, we expect consumer spending to contract by 5% this year and a further 3% in 2010.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.