Blog: Spanish data
Dave Leggett | 2 July 2008
Just found myself trying to find out a little more about the Spanish car market last month (it was down a whopping 31% on last year) and to my great suprise the just released data was very easy to find on the ANFAC website. Not only that, but there's some good detail, too.
A friend of mine who purchased a property there a couple of years ago has been crying into his San Miguel beers lately - house prices are plummeting and the construction sector is grinding to a halt, plenty of new developments standing empty. He reckons it will be a while before the Spanish economy bounces back because of its pumped up reliance on a speculative residential bubble that has now burst. And any feelgood factor associated with the recent football trophy for the Spanish nation will quickly fade, the whole economy seeing a slump that will take some getting out of.
Certainly a car market off 31% gives cause for concern. It will be interesting to see what difference the scrappage incentive being rushed in makes to the car market.
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