Despite growth, Spaniards worse off than in 1995
25 June 2007, MADRID – Spaniards’ spending power has gone down in the past decade by four percent despite record levels of growth, a report claims.
25 June 2007
MADRID – Spaniards’ spending power has gone down in the past decade by four percent despite record levels of growth, a report claims.
A report by the Organisation for Economic Cooperation and Development said Spain was the only OECD country where average purchasing power had fallen.
Meanwhile in the same period, between 1995-2005, company profits rocketed.
Spanish firms earned 73 percent more between 1999 and 2006.
In the same period, unemployment fell and the economy boomed.
Raymond Torres, head of the OECD’s employment, analysis and policy division, told the Spanish daily El Pais: “Spain has created employment at a spectacular rate in recent years.
“But much of that has been in the form of low-skilled and low-paying jobs.”
Subject: Spanish news