Spain in 2027: a robust economy in a more challenging environment
We expect the Spanish economy to grow by 2.0% in 2027, a strong rate but lower than in 2026, mainly due to the lagged impact of this year’s energy shock. In this article we examine the drivers of GDP growth, the factors holding it back and the main risks to the outlook. …
13 November 2026
Household saving remains high despite the inflation shock
We examine recent trends in household income, consumption and saving, as well as the outlook for 2026 and 2027 as a whole in a context marked by the war in Iran, higher inflation and considerable global uncertainty.
12 November 2026
Portugal’s growth withstands inflationary pressures
The economy remains buoyant, with GDP growing by 0.2% quarter on quarter and 2.4% year on year in Q3, reinforcing the growth outlook for 2026. Inflation nears 4% in October, while employment reaches record highs and the public finances remain balanced.
Risk aversion dominates market sentiment
Geopolitical tensions and energy concerns are fuelling market caution, while risk aversion pushes sovereign bond yields lower and European risk premia rise. The ECB and Fed keep rates unchanged, concerns over AI weigh down stocks and the dollar shows volatility.
