Can't you just see it?
According to Eurostat in both the euro area (EA16) and the EU27, the seasonally adjusted household saving rate continued to increase and the household investment rate to decrease n the second quarter of 2009. In both regions the fall in business investment rates and profit shares continued, though at a lower rate. In the second quarter of 2009, the seasonally adjusted gross saving rate of households was 14.4% in the EU27 compared with 13.5% in the first quarter of 2009. In the euro area, the household saving rate was 16.5% in the second quarter of 2009, compared with 16.0% in the previous quarter. In both cases these were the highest rates recorded since the start of the time series in the first quarter of 1999.
Can't you see it now? Maybe you need to squint harder, let's try this - in the EU27 the gross investment rate of non-financial corporations was 20.8% in the second quarter of 2009, compared with 21.4% in the first quarter of 2009. In the euro area, the investment rate was also 20.8% in the second quarter of 2009, compared with 21.4% in the previous quarter. In both cases (again) these were the lowest rates recorded since the start of the series in the first quarter of 1999.
Still not got it? Savings up and investment down - where's the demand coming from? Ah, yes, government stimulus. Oh well, hard luck this year, let's try again in 2010. Or maybe someone, somewhere will finally get it: the name of the game is now (extra community) exports, and the value of the euro is going to matter.
Spain Real Time Data Charts
Edward Hugh is only able to update this blog from time to time, but he does run a lively Twitter account with plenty of Spain related comment. He also maintains a collection of constantly updated Spain charts with short updates on a Storify dedicated page Spain's Economic Recovery - Glass Half Full or Glass Half Empty?