Spanish construction activity rose 16.6pc YOY in March according to figures from Eurostat – the EU stats office. Spain had the biggest increase in activity of all EU countries for the first time in ages, albeit from a low base (I guess) 😕 Construction activity as a whole fell 7.2pc across the EU.
What the press reports don’t reveal is what lies behind this sudden spurt in Spanish construction….
I doubt it’s VPO. Government doesn’t have any money to finance it.
I also read that the 6 biggest builders in Spain have a combined debt of 41 billion Euros. I can’t imagine they will all survive much longer, unless they have a sugar daddy in the form of a bank to keep them alive.