New Market Research Report: Spain Food & Drink Report Q2 2014
Although consumption will remain a drag on the recovery in 2014, subtracting an estimated 0.1pp from growth (from 1.2pp in 2013), we expect the smaller deduction to reflect the private sector's progress paying down debts. On the household front however, deleveraging has only just begun. Much of the required deleveraging is an overhang from the bursting of the Spain's property bubble, where households are struggling to reduce the huge amount of mortgage debt that weighs on personal finances. This means...
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