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Spanish household wealth increases in 2012

Source: Xinhua - Sat 20th Apr 2013
Spanish household wealth increases in 2012

The Financial wealth of the Spanish residents - calculated as the difference between financial assets they have minus the amount of loans granted - increased by 5.98% from 2011 to 2012 to 49.517 billion, according to a Bank of Spain report yesterday.

This is due to the decrease of liabilities, as Spanish families got less into debt as a result of the economic crisis, which caused a lack of credit in the banking system, lower wages and a high unemployment rate.

The Bank of Spain said long and short-term loans decreased by 36.692 billion, which is a 4% decrease in comparison with 2011, while liabilities amounted to 903.236 billion in December 2012, a 3.5% decrease in comparison with the same month of 2011.

However, this increase in 2012 cannot hide the fact that since the crisis started, Spain's families lost 106.411 billion (from December 2007 to December 2012) which meant a 10.8% decrease of their wealth.

In 2006 Spanish families' wealth was 1,006.826 billion and 2 years later, it decreased to 741.828 billion due to the crisis and the bursting of the housing bubble.

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