Spain's consumer confidence increased by 1.5 points from June to July 2013 to 63.3 points indicating a pessimistic perception of the Spanish economy, the Sociological Research Centre (CIS) reported on Monday.
Although year on year, July's figure registered a huge improvement form 37.6 points in July 2012, the Consumer Confidence Indicator (CCI) suggested that the Spanish public are still pessimistic of the country's economy.
The CCI ranges between 0 and 200 points with readings of over 100 points suggesting positive perceptions of the economic situation, while ratings below 100 indicating a negative perception.
About 68 percent of the people surveyed by the CIS believed that the current economic situation was worse than that of six months ago, 21.4 percent believed it had not changed while 9.1 percent thought it had improved.
Over 50 percent of the people believed the economic situation in Spain would get worse in the following six months, 17.5 percent believed it would remain the same while 25 percent said it would get better.
The CIS conducted a total of 1,400 interviews for the consumer confidence indicator which helps to forecast consumer behavior in the following months.
The indicator helps to predict economic growth as consumer confidence has a direct impact on domestic demand which is currently suffering a contraction because of the economic crisis, undermining economic growth in the country.
