Categories: Finance News Spain

Spanish incomes reach pre-recession levels nine years after beginning of financial crisis

AVERAGE earnings in Spain stood at €11,412 a year in 2017, the first time in nine years the figure has been higher than pre-crisis levels according to a new study.

The National Institute of Statistics (INE) found average earnings increased by 3.1 per cent from 2016 to 2017.

It was the first time earnings were above 2008’s average of €11,318. That year saw the global financial crisis break out which plunged Spain, Europe and much of the world into recession.

The INE found household incomes averaged at €28,417 in 2017. That figure is still below the more than €30,000 average recorded in 2009.

About 10.4 per cent of households said they faced financial difficulty towards the end of the month in 2018, up 1.1 per cent year-on-year.