Amid all the singing and dancing over Spain’s miraculous recovery and Europe’s renaissance on the back of Draghi’s money-printing machine, it appears – just like in America – that below the glossy veneer of engineered equity and bond prices, all is not well. As Xinhua reports, the average wage in Spain has fallen to its lowest level since 2007, according to figures released by the Spanish Ministry of Finance, and after peaking at 19.3 million in 2009, the number of workers is also collapsing.
According to data which is based on the tax returns of nearly 16,900,000 workers in Spain in 2014, the average annual wage now stands at 18,420 euros (around 20,000 US dollars).
The highest salaries are found in the capital city of Madrid, where the average worker takes home 24,576 euros. The lowest salaries are recorded in the rural region of Extremadura, where people’s annual income is as low as 13,559 euros.
This post was published at Zero Hedge on 11/23/2015.
Follow on Twitter
Recent Comments