The EU’s difficult farewell to Russian energy International economy María Romero Meléndez Thu, 07/03/2025 - 13:52
Resumen ejecutivo: El sector turístico español se modera tras años de expansión acelerada Judit Montoriol Garriga Mié, 02/07/2025 - 09:02
Tariff tensions and reconfiguration of trade flows: impact on Spain David Martínez Turégano Judit Montoriol Garriga Tue, 07/01/2025 - 10:39
Financial Markets Daily Report 11 July 2025 Investors traded in a mixed mood in a session in which Donald Trump threatened a 35% tariff on Canada (for goods outside USMCA) and floated the idea of a 15%-20% global baseline tariff rate (currently, 10%). Stocks advanced modestly in the U.S. but declined in Europe. Sovereign yields rose, and the EUR weakened and traded below $1.17 (touching 10-day lows). Consumption The economic impact of the blackout in detail We expand on the assessment of the economic impact of the blackout on 28 April in Spain by taking a cross-section by sector and autonomous community region, based on the analysis of internal CaixaBank data. Josep Mestres Domènech Zoel Martín Vilató 18 June 2025 Opinion Hegemonic stability in times of change Is the Trump administration’s strategic shift compatible with the United States’ role as a guarantor of the international economic equilibrium? José Ramón Díez 12 June 2025 Opinion The Spanish economy holds up This month, we have updated our forecast scenario for the Spanish economy. Although we now expect growth to be slightly lower than previously anticipated, the message remains broadly positive and there are several elements sustaining the Spanish economy’s dynamic growth. … Oriol Aspachs 12 June 2025 Federal Reserve (Fed) What are the implications of the Fed slowing down its balance sheet reduction process? During the years of expansionary monetary policy, the Federal Reserve embarked on an asset purchase programme aimed at injecting liquidity into the economy and stimulating it, with its assets peaking at 35% of US GDP in mid-2022. The inflationary crisis required a… Isabela Lara White Antonio Marta Miranda 13 June 2025 Labour market & demographics A changing European labour market: the role of immigration and new jobs Active training policies, as well as the ability to attract talent in sectors with the greatest shortage of skilled personnel, will be key if the EU is to make progress in innovation and competitiveness and avoid falling behind its main competitors. María Romero Meléndez 16 June 2025 Spain Basque Country 07 July 2025 Financial markets outlook Uncertainty over economic policy continues to steer investor mood CaixaBank Research 16 June 2025 World outlook Trump’s announcements detract from the economic indicators CaixaBank Research 16 June 2025 Activity & growth New economic scenario: The world holds its breath over Trump’s tariffs Rita Sánchez Soliva 13 June 2025 Spain's outlook Spain: much ado about nothing, for now CaixaBank Research 16 June 2025 Portugal Portugal: 2025 starts poorly, but the macro outlook is still supported by structural factors CaixaBank Research 16 June 2025 Publications Sectorial ReportSectoral Observatory S1 2025 Monthly ReportJune 2025 | No. 50117 June 2025 SpainSpain’s Macroeconomic & Financial Outlook11 June 2025 PortugalPortugal’s Macroeconomic & Financial Outlook11 June 2025 Sectorial ReportReal Estate. The expansive cycle takes hold S1 2025 Sectorial ReportTourism. The Spanish tourism sector: no signs of cyclical exhaustion S1 2025 Sectorial ReportAgrifood. Spain’s agrifood sector enjoys a revival 2024 Sectorial ReportManufacturing Industry 2023 Opinion Editorial Hegemonic stability in times of change José Ramón Díez Head of International Economics & Markets Key points of the month The Spanish economy holds up Oriol Aspachs Head of Spanish Economics Recommended Foreign sector Import dependencies and competitive emergencies for Europe’s industry David Martínez Turégano 03 July 2025 Commodities The EU’s difficult farewell to Russian energy María Romero Meléndez 03 July 2025 Sectoral Observatory Spain and its new energy advantage David Cesar Heymann 01 July 2025 Sectoral Observatory Tariff tensions and reconfiguration of trade flows: impact on Spain David Martínez Turégano Judit Montoriol Garriga 01 July 2025 Sectoral Observatory Outlook for the Spanish economy and its sectors in 2025-2026 David Cesar Heymann 01 July 2025 Sectoral Observatory The growth of services sustains the strength of the Spanish economy in 2025 Pedro Álvarez Ondina 01 July 2025 Sectoral Observatory Executive summary: Sectoral strengths to navigate a complex environment Judit Montoriol Garriga 01 July 2025 Sectoral Observatory Infographic. The Spanish economy is moderating its growth rate in a context of trade tensions Judit Montoriol Garriga 01 July 2025 Consumption The economic impact of the blackout in detail Josep Mestres Domènech Zoel Martín Vilató 18 June 2025Most readThe EU’s difficult farewell to Russian energyImport dependencies and competitive emergencies for Europe’s industryTariff tensions and reconfiguration of trade flows: impact on SpainLower budget deficit in 2025 in Spain, but the structural challenges persistUS tariffs: where do we stand and what comes next? NewsletterBeing informed now ismore important than everGet our latest updates Sign in Hot topics Climate change & green transition Reactivation or deceleration? Podcasts Más allá de los aranceles: previsiones ajustadas, expansión inmobiliaria y resiliencia exportadora 19/06/2025 Forecasts Financial markets Interest rate (%)Update date 11-07-2025 Macroeconomic GDP (%)Update date 11-07-2025 Team Roser FerrerSenior economist José Antonio Sánchez PalominoData scientist Adrià Morron SalmeronLead economist Léopold JouvenEconomist David Martínez TuréganoEconomist Antonio Marta MirandaResearch assistant David del ValSenior economist Meet us Oriol Carreras BaquerSenior economist Zoel Martín VilatóEconomist Maitane LizarragaAnalyst María Romero MeléndezEconomista Oriol AspachsHead of Spanish Economics Jesús ViscarriOrganization Sandra Jódar RosellDirector of Strategic Planning Meet us Luís Pinheiro de MatosEconomist Patricia EstebanCommunication Ana María PorrasOrganization Josep Mestres DomènechLead economist Enric FernándezChief Economist Mar Bisquert PerlesData scientist Imelda EstebanSenior economist Meet us Alberto GrazianoSenior Data Scientist Javier García ArenasSenior economist Judit Montoriol GarrigaLead economist Eduard Alcobé GarciaData scientist Rita Sánchez SolivaEconomist Ariadna Vidal MartínezLead economist Anna Bahí EstebaResearch Assistant Meet us David Cesar HeymannEconomist Beatriz Villafranca SerranoEconomist Carolina CruzOrganization Isabela Lara WhiteEconomist Pedro Álvarez OndinaEconomist Javier Ibáñez de Aldecoa FusterEconomist Nuria BustamanteLead economist Meet us Mireia CrusellsAnalyst José Ramón DíezHead of International Economics & Markets Ana Rincón GarcíaOrganization Sergio DíazEconomist Meet usPrint
Consumption The economic impact of the blackout in detail We expand on the assessment of the economic impact of the blackout on 28 April in Spain by taking a cross-section by sector and autonomous community region, based on the analysis of internal CaixaBank data. Josep Mestres Domènech Zoel Martín Vilató 18 June 2025
Opinion Hegemonic stability in times of change Is the Trump administration’s strategic shift compatible with the United States’ role as a guarantor of the international economic equilibrium? José Ramón Díez 12 June 2025
Opinion The Spanish economy holds up This month, we have updated our forecast scenario for the Spanish economy. Although we now expect growth to be slightly lower than previously anticipated, the message remains broadly positive and there are several elements sustaining the Spanish economy’s dynamic growth. … Oriol Aspachs 12 June 2025
Federal Reserve (Fed) What are the implications of the Fed slowing down its balance sheet reduction process? During the years of expansionary monetary policy, the Federal Reserve embarked on an asset purchase programme aimed at injecting liquidity into the economy and stimulating it, with its assets peaking at 35% of US GDP in mid-2022. The inflationary crisis required a… Isabela Lara White Antonio Marta Miranda 13 June 2025
Labour market & demographics A changing European labour market: the role of immigration and new jobs Active training policies, as well as the ability to attract talent in sectors with the greatest shortage of skilled personnel, will be key if the EU is to make progress in innovation and competitiveness and avoid falling behind its main competitors. María Romero Meléndez 16 June 2025
Financial markets outlook Uncertainty over economic policy continues to steer investor mood CaixaBank Research 16 June 2025
World outlook Trump’s announcements detract from the economic indicators CaixaBank Research 16 June 2025
Activity & growth New economic scenario: The world holds its breath over Trump’s tariffs Rita Sánchez Soliva 13 June 2025
Portugal Portugal: 2025 starts poorly, but the macro outlook is still supported by structural factors CaixaBank Research 16 June 2025
Foreign sector Import dependencies and competitive emergencies for Europe’s industry David Martínez Turégano 03 July 2025
Sectoral Observatory Tariff tensions and reconfiguration of trade flows: impact on Spain David Martínez Turégano Judit Montoriol Garriga 01 July 2025
Sectoral Observatory Outlook for the Spanish economy and its sectors in 2025-2026 David Cesar Heymann 01 July 2025
Sectoral Observatory The growth of services sustains the strength of the Spanish economy in 2025 Pedro Álvarez Ondina 01 July 2025
Sectoral Observatory Executive summary: Sectoral strengths to navigate a complex environment Judit Montoriol Garriga 01 July 2025
Sectoral Observatory Infographic. The Spanish economy is moderating its growth rate in a context of trade tensions Judit Montoriol Garriga 01 July 2025
Consumption The economic impact of the blackout in detail Josep Mestres Domènech Zoel Martín Vilató 18 June 2025