Spaniards are among Europe's biggest spenders

13th July 2005, Comments 0 comments

13 July 2005, MADRID — Spanish families are more than a third better off now than seven years ago and are among Europe's biggest spenders, according a report by a leading bank.

13 July 2005

MADRID — Spanish families are more than a third better off now than seven years ago and are among Europe's biggest spenders, according a report by a leading bank.

La Caixa savings bank's economic report said between 1998 and 2003, household income had climbed by 36.2 percent after social security and taxes were deducted.

The Spanish daily El Pais reported that the richest regions of the country were Navarre and the Basque Country where the average net disposable income per household was EUR 14,000.

However, some of the main tourist regions, like the Balearic and Canary Islands and Valencia, are catching up fast.

In the same period their average incomes grew by nearly 50 percent.

Families in Extremadura and Andalusia remain, however, the poorest in Spain, with average incomes of between EUR 8,300 and EUR 9,300 a year.

The report shows what is obvious to anyone who lives in Spain: Spaniards love to party and spend what they earn.

There is sufficient business in the country to support seven bars for every 1,000 people.

That compares with an average of only three in Europe.

The number of retail outlets is also over double, at 21.

Jose Vicens, who wrote the report, said immigration has played a significant part in increasing prosperity in Spain.  

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Subject: Spanish news

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