Families and companies resident in Spain will compete in the coming months to contain spending and increase their savings reserves to the need to reduce their debt levels and because of the prospects of economic recovery “moderate character.”
This is one of the main conclusions of one of the reports contained in the Economic Bulletin published today the Bank of Spain, explaining that in this scenario also influence the current context of very low inflation rates and the accumulated deterioration in the labor market.
From the point of view of the credit, the document says banks “stopped receiving declines in loan demand throughout 2014″.
And while this demand was “very limited” both in the case of loans of a smaller amount as requested by larger companies, banks eased credit standards for loans “slightly”, while maintained the restrictive stance taken during the crisis.
The financial position of households and businesses in the euro countries “improved in 2014 as a result of the slight increase in income and wealth in a recovery environment contained in economic activity and employment “.
In fact, the families of the euro area experienced an improvement in their purchasing power for the first time in five years, helped by falling inflation, which He allowed the cited rising incomes -mainly the of labor, resulting in an increased purchasing power.
This factor, along with the strengthening of confidence, boosted consumption, which in 2014 was component greater contribution to GDP, the report said.
“Despite the low level reached in interest rates, as has been happening since the beginning of the crisis, the growth of financing was weak, affected by high levels of debt, “says the report.
The savings rate remained stable at low levels that were reached in 2011. For the fifth consecutive year, the sector continued to advance in the process gradual correction of its debt, this time also supported by economic growth.
The financial situation of companies in the euro area also tended to improve as a result of the consolidation of the recovery in activity, This was reflected in a greater dynamism in turnover and an increase in profits, especially in the case of larger companies.
Also during 2014 he continued the process of banking disintermediation financing, with a spread of debt securities and non-bank loans, in an environment characterized by policies that offer bank loans, despite an incipient relaxation, maintained the restrictive tone.
For SMEs, access to external financing remained a concern in a context of insufficient internal resources.
And although the percentage of SMEs that perceive greater difficulties in obtaining bank loans decreased, the rejection rate remained at relatively high readings, the report says.
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