The Official Credit Institute (Instituto de Crédito Oficial, ICO)
announced on Monday its preliminary estimates showed that consumer confidence
in Spain improved in May, as it continued to recover after a sharp decline in
March.
According to ICO’s report, its Consumer Confidence Index went up 1.4
points (or +1.9 percent m-o-m) to 76.0 in May compared to April. This was the highest
reading in three months.
The advance in the headline index was driven by an increase in the Current
Situation Index, the indicator measuring consumer’s assessments of the current
situation, which increased 5.0 points (or +8.2 percent m-o-m) to 66.1. This gain, however,
was partially offset by a drop in the Expectations Index, the measure of consumers’
expectations, which fell 2.1 points (or +2.4 percent m-o-m) to 85.9.