Key issues

Spain: moving towards more sustainable growth

The evolution of households’ balance sheets during the first few years of the economic recovery

• The Survey of Household Finances, albeit with some delay, provides us with valuable information for assessing the health of households’ finances. • Between 2014 and 2017, household income increased, although it still stood below pre-crisis levels, and the debt to income ratio decreased to levels close to those of 2005-2008. • The economic recovery between 2014 and 2017 did not lead to an increase in inequality, while it did enable a reduction in households’ financial vulnerability. How has the income, wealth and debt of Spanish households evolved in recent...