Spanish Economy Thriving Despite Lack of Government Says Santander
It looks like politicians from abroad need to take note – the Spanish economy is doing pretty well despite there not being an official government in the country since last December.
|Spain continues to preform very well without leadership !|
He released a statement saying that he hoped there would be a government by the time the second general election was over with in June. He did add that there was no negative impact on the GDP during 2016; a year that has seen Spain not have a Prime Minister.
The economy has been bolstered by the recovering real estate market and is actually performing better than expected. The CFO of Santander told Bloomberg that mortgages have gone up 25%, business lending in Spain has gone up 13%, and this has been happening year-on-year. He sees it as a sign that the Spanish economy is performing very well.
There are more metrics that suggest things really are improving. Property Sales in the Costa del sol and Spain have gone up 4.4% in the retail sector, suggesting that consumers are becoming more confident in the high street. Mortgage lending also peaked at €5 billion in February. This was the highest that it has been in over six years, which also gives credence to the idea that a strong real estate market is a sign of a strong economy.
Spain will go back to the polls on the 26th of June to vote once more in the hopes that this time there will be either a clear majority winner or, at the very least, a favourable coalition.
If the first five months of 2016 are an indication though it looks like Spain might not need as much leadership as was first thought. The country is doing a good job of running itself.