Spain's consumer confidence remains low

Spanish consumer confidence fell by five points between January and February, according to the Consumer Confidence Index published by the Spanish Sociological Research Centre (CIS), local media reports said Tuesday. The Consumer Confidence Index is an indicator that helps to predict future consumer behavior and thus see the possible changes in domestic demand and their effect on the economy. The index ranges from 0 to 200 points, with any readings above the meridian of 100 indicating a positive perception of the economic situation, taking into account opinions and expectations of the population. However, February's index stood at just 50.7 points, highlighting the general pessimism over the economy felt by most Spaniards. The five points decline in confidence comes after six months of timid improvements in confidence, although at no point could it be said that a mood of optimism had pervaded the atmosphere. The recent exposure of the Barcenas corruption scandal, which has implicated Spanish Prime Minister Mariano Rajoy and top ranking officials in the governing Popular Party, has also affected the overall mood as confidence in the country's politicians continues to spiral down. Meanwhile recent predictions for the Spanish economy all point to the country spending the rest of 2013 in recession with no sign of growth returning until 2014. As a result, jobs are seen as increasingly precarious, a factor highlighted by the monthly unemployment figures which were published in the meantime. The latest data published by the Ministry of Employment showed unemployment rose by 59,444 persons over last month to leave over five million Spaniards out of work for the first time in history.