According to a new study, Spain is amongst the 10 most pessimistic countries in the world.
The study, carried out by Nielsen Global Consumer Confidence Index, gauged how people were feeling during the last quarter of 2011.
The report showed that 92% of Spaniards considered the country to be in recession while 70% believed the recession would not end this year.
Although pessimistic, Spain only scored 55, well below the European average. Confidence fell in 24 of the 27 European countries. Only ten countries worldwide scored above 100.
Across Europe the number of people feeling that their financial situation would get worse over the coming months continued to increase.
The report also showed that an increasing number of people are changing their spending habits trying to make savings across the board.
“Overall, consumer discretionary spending will remain restrained and cautious in the first half of 2012,” said Dr. Venkatesh Bala, Chief Economist at The Cambridge Group, a part of Nielsen.
Spain was less pessimistic than Greece, no surprise there, who scored 41 and Portugal who scored 36, which Nielsen described as “alarming”. Why Portugal is more pessimistic than Greece is not clear.
Employment prospects don’t look good with 88% of those interviewed thinking their job prospects for 2012 were not good.