Bank of Spain estimates 1.6 million households unable to cover their basic expenses

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Bank of Spain estimates 1.6 million households unable to cover their basic expenses

STORY: Bank of Spain estimates 1.6 million households unable to cover their basic expenses DATELINE: July 15, 2023 LENGTH: 00:01:37 LOCATION: BARCELONA, Spain CATEGORY: ECONOMY SHOTLIST: 1. various of Barcelona STORYLINE: According to a recent report from the Bank of Spain, one in eleven Spanish families (9%) could not afford their basic needs, such as rent, food or debt payments, with their gross income in 2022. This means that about 1.6 million households were struggling financially last year, an increase of 350,000 households (2%) from 2020. The report blames the inflationary pressure, worsened by the Ukraine crisis, and the higher interest rates set by the European Central Bank (ECB) for the rise in financial hardship among Spanish families. The report also reveals that despite a 6.8% growth in gross disposable income of households in Spain since 2020, inflation eroded their purchasing power by 4.5%, limiting their ability to save and spend. Moreover, the report warns that six out of ten Spanish fam

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