Financial Times FT.com

Spanish property cools fast

By Mark Mulligan in Madrid

Published: September 9 2008 17:21 | Last updated: September 9 2008 17:21

Post-summer blues at Spanish companies have been aggravated this year by the country’s economic downturn, which most economists admit will be worse than originally feared.

Tight credit conditions, rising unemployment, consumer uncertainty and inflationary pressures have dented sales and profits across most business sectors, while gross domestic product growth has slowed from 3.8 per cent last year to about 1.7 per cent this year, according to government figures.

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