April 2023 | No. 477

April 2023 | No. 477

Editorial

New challenges for the central banks

José Ramón Díez

Key points of the month

Real estate sector: this time is different, in Spain
Oriol Aspachs

Forecasts and indicators

Forecasts and indicators - April 2023

Financial markets

International economy

Love triangle in the international economy: activity, inflation and financial stability
Advanced economy housing markets in a scenario of tighter monetary policy (part II)
Advanced economy housing markets in a scenario of tighter monetary policy (part I)
The euro area foreign sector in the red
Rita Sánchez Soliva
The EU’s answer to the Inflation Reduction Act: «You cannot have dessert until you first eat your vegetables»
David del ValRicard Murillo Gili

Spanish economy

The Spanish economy holds up well, but the medium-term risks still loom large
The role of non-tourism services in Spain’s foreign balance
Jaume Servert Banegas
The Spanish economy continued to reduce its foreign debt in 2022
Spanish real estate sector: 2022 recap and 2023 outlook
Judit Montoriol Garriga

Portuguese economy

Encouraging signs from the Portuguese economy at the start of the year
Recap of Portuguese household consumption in 2022
Teresa Gil Pinheiro

Forecasts and indicators - April 2023

12 April 2023