A series of economic surveys released yesterday painted a gloomy picture for the Spanish economy. The government has already slashed economic growth and unemployment has reached a record high. Yesterday, there was further bad news with a report that the housing market was suffering from the economic slowdown.
A new report compiled by pollsters Iberinform said that 10 percent of Spanish companies would have problems paying their creditors over the next 12 months.
The survey explains that the period of economic growth that the Spanish economy has experienced has led many companies to concentrate on the growth of sales and relax their risk control policies.
Now, in a period of economic crisis, these companies are suffering particularly badly.
Another survey by the National Institute of Statistics (INE) says that the number of mortgages being taken out had reduced in May, this year by 47.7 percent compared with the previous year - a drop from 3'419 last year, to 1'788 in the same period this year. The total value of the mortgaged homes this year totalled just 312 million euros compared to the 568 million last year. The local government is concerned at the present economic downturn but has called for calm.
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