July 2025 | No. 502

July 2025 | No. 502

Editorial

Public finances (also) in the spotlight

Oriol Aspachs

Key points of the month

Tariffs and strategic dependencies: two sides of the same coin
José Ramón Díez

Forecasts and indicators

Forecasts and indicators - july 2025

Financial markets

Neither geopolitical risks nor trade threats hinder the advance of risk assets
CaixaBank Research

International economy

Equilibria that deceive, imbalances that persist
CaixaBank Research
Import dependencies and competitive emergencies for Europe’s industry
David Martínez Turégano
The EU’s difficult farewell to Russian energy
María Romero Meléndez
India vs. China: a growth perspective
Luís Pinheiro de MatosAntonio Marta Miranda

Spanish economy

The Spanish economy makes steady progress in a context of uncertainty
CaixaBank Research
Is the recent pattern of employment growth beneficial for Spain’s productivity?
Oriol Carreras Baquer
Is technology and complexity exported from Spain?
Anna Bahí Esteba
The economic impact of the blackout in detail
Josep Mestres DomènechZoel Martín Vilató

Portuguese economy

Portugal: solid activity, albeit with obstacles ahead
CaixaBank Research

Forecasts and indicators - july 2025

16 July 2025