The
Spanish Economy Upturn Creates More Cars and Multimillionaires
Spain has always welcomed the rich and famous and now the
economic recovery means that even the average Spaniards are enjoying having
more money in their wallets.
 |
| The future looks bright in Spain as all sectors are doing well. |
The dark days that used to plague the Spanish economy appear
to have lasted from 2009 to 2013. The market really boomed following the
millennium with everyone getting their hands on credit and good wages. It
looked like the fun would never end. Rising so high just meant that the
inevitable crash was so much worse. It was made even worse because the country
was finally able to say goodbye to the dictator Franco before everything went
wrong.
Spain seems to have learned a lot from the double-dip
recession and the country is now heading down the road of growth. Economists
across all of Europe are predicting that Spain with its low cost of living will be one of the
fastest-growing economies across all of the Eurozone both this year and next
year. It’s not hard to see why given how well Spain has been doing in their top
industries such as property, tourism, manufacturing and agriculture.
More good news was delivered this week with two additional
metrics. Now the official data shows that Spain is selling more vehicles and
there are more multimillionaires spreading the wealth.
Car sales are always a good indicator of how much confidence
the people have in the economy of their country. When things aren’t going so
well, such as when jobs are scarce, pay is low, and credit is hard to find, there’s
always a drop in car sales. Many families feel that a car is something they can
live without if they need to. Of course vehicle sales start to pick back up
when things look better.
The statistics published this past week by the national
association of car salesman of Spain; the GANVAM, showed that almost 1.3
million vehicles were sold in Spain between January and August. This is an
increase of almost 13% compared to this time period last year. It looks like
Spain could very well see more than 2 million cars sold by the end of the year;
a feat not seen in seven years.
There’s also a higher demand for new cars with vehicles that
are less than three years old accounting for almost a third of those sales.
The Spanish tax agency published data that shows that the
amount of Spaniards declaring more than €30 million of assets last year was up
8% on the amount the previous year, which is another good sign the economy is
doing better. Even the Spanish property market has finished its 7 year down cycle and is heading up in the right direction.
