Spain tighter with money due to recession

Recession is causing Spaniards to squirrel away more of their money, with the household savings rate in the third quarter of 2009 up 4.6 percent compared to a year earlier, the government reported Monday.

The savings rate for households and non-profit institutions was 14.1 percent, the National Statistics Institute said.

Spain has been in technical recession since late 2008 following the collapse of a credit-fueled construction boom and the unemployment rate now stands at an EU-high of 17.9 percent.

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In a separate report, car sales for 2009 were down nearly 18 percent compared to a year earlier and dropped to the lowest level since 1995, an association of manufacturers and a dealership grouping said.

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Sales rose in the final four months of the year, due in large part to a government program offering rebates for people who trade in older cars and buy a new one. But this was not enough to prevent overall negative numbers for the year, the two associations said.

Total automobile sales in 2009 were 952,772, they said.