Spain: net lending of the economy moderated in the first quarter

Net lending position of the Spanish economy stood at 1.1% of GPD (annual accumulated) in the first quarter, 0.4 pp below Q4 2013. This was the result of a contraction in the savings rate, especially on households, and an evolution of consumption and investment better than expected. By agents, both households and non financial corporation reduced their lending, while financial institutions and General government improved their balances

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