The ongoing slump in the property sector and the persistent weakness of the economy after Spain's worst recession in living memory have driven a record number of households and companies to seek protection from creditors, Spanish El Pais daily writes.
According to figures released Monday by the National Statistics Institute (INE), the number of individuals and firms in bankruptcy proceedings climbed 5.9% in the first quarter of the year from a year earlier to 1,803, the highest figure since the INE began compiling the current series in 2005. The previous high was 1,762 in the second quarter of 2009, when the country was still in the throes of recession.
Spain left behind negative quarterly growth figures at the start of last year but a clear recovery has yet to take root. The Bank of Spain last week estimated GDP was up 0.2% in the first quarter, the same pace of growth as in the previous three months, while the INE said the ranks of the unemployed swelled to an unprecedented 4.9 million as the jobless rate hit 21.3%.
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