Over 60s get most benefit from Spain’s growth

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WHEN the world financial crisis hit in 2008, Spain was one of the countries that suffered more than others.

The recovery was slow but has now turned the corner and the signs are positive for the future.

Making it one of the fastest-growing economies in Europe, Spain’s GDP increased by 3.2 per cent in both 2015 and 2016; there has already been a surge of 0.8 per cent in the first three-months of 2017.

One of the consequences of this growth has shown that it’s the 60 to 69 age group that has benefitted the most.

According to data released by the Spanish National Statistics Institute (INE), that particular demographic has enjoyed a pay rise of 2.6 per cent whereas salaries for the under-40s have fallen within a range of between 1.6 per cent to 5.1 per cent during the same period.

For the first time since 2010, wages in Spain began to rise in 2015 but the overall share of the created wealth has been unequal. For the under 24s, an average salary in 2015 was €11,228 a year, gross; for the 25 to 29 age range €16,064; 30 to 34 €19,597; and for the 35-to-39 €22,397.

It’s positive news of the levels of unemployment too. This has now reduced to 18% for the first quarter of 2017, falling from an all-time high of 27% in 2013.

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