This may not be relevant to the figures but I thought it worth throwing into the mix.
You may or may not be aware but there has recently been quite a lot of pressure brought to bear from a European level on both the Spanish government and the national statistics office, INE, with regards to the (in)accuracy of the figures they were producing. Could it be that they are bowing to that pressure and are, at last, producing more accurate figures?
This is only speculation but I can’t think of any other reason why the figures are now showing such a downturn
Brian, I think you’re definitely on the right track and I wonder if it’s anything to do with a future possible bailout?
When Greece had their bailout they had to suffer the ‘indignity’ of EU accountant-type guys arriving and going through everything with a fine toothed-comb – which was when the truth came out. The real state of affairs was exposed regarding Greece’s debt problems, the borrowing of the previous government being far worse than feared and far worse than ever admitted.
Maybe Spain is trying to get their house in (a more transparent) order knowing the men in suits with the EU logo printed on their ties will be arriving at some stage?