Geographical areas

Spain is facing the latest episode of international geopolitical tension from a position of strength, although rising energy costs, tighter financial conditions and a deteriorating international environment will keep inflation high and reduce economic dynamism. All this has led us to revise upwards our growth forecast for 2026 and to keep the forecast for 2027 unchanged.

On 3 November, Americans will return to the polls to renew the entire House of Representatives and one-third of the Senate, the two chambers in which the Republican Party secured a majority in 2024. Although Donald Trump will not appear on the ballot, these elections represent the first major national test of his second term.