Spain: Consumer confidence improves in November
December 21, 2010
The index of consumer confidence produced by the National Credit Institute (ICO, Instituto de Credito Oficial) rose to 70.0 points in November from 67.1 points in October. However, the index remains 2.1 percentage points below the level observed in the same month last year. Moreover, despite the November increase, the consumer sentiment index sits well below the 100-point threshold that separates optimistic from pessimistic territory. The improvement in consumer sentiment was mainly caused by an increase in the expectations sub-index (October: 89.9 points; November: 70.0 points) owing to consumers' less pessimistic assessment in all three categories (general economic situation, households' situation as well as employment conditions). In addition, the current situation sub-index rose from 44.4 points in October to 46.3 points in November.