Financial institutions, companies and households have continued to adjust the debt accumulated in the first half of the year. In the case of non-financial companies and households, their level of debt is increasingly closer to the European average, against a backdrop of greater economic growth and preference for home ownership.
Spain households debt
The International Monetary Fund (IMF) issues a warning: household debt in advanced economies has risen on average from 52% to 63% of GDP in 2008-2016. In the developing world, household debt levels were lower, rising from 15% to 21% over the same period. But Spain’s case is different.
J.L. M. Campuzano (Spanish Banking Association) | The Spanish banks have made a big effort over the last few years to provide solutions for more than a million households experiencing difficulties in meeting their mortgages repayments. We estimate that over 10% of current existing mortgages have been refinanced or restructured.