The global economy holds firm as the outlook becomes more challenging
Euro area growth exceeded expectations in Q3, although a more challenging Q4 is expected. Inflation remains high due to rising energy prices, while the US economy is buoyant and emerging economies, led by China, continue to prove remarkably resilient to the energy shock.
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The limits and strengths of Spain’s economic resilience
The Spanish economy’s resilience rests on three pillars: a broadly sound financial position, robust domestic demand and buoyant services exports. The future is not set in stone, and 2027 could once again surpass our expectations.
11 November 2026
