The uncertainty surrounding the forecast scenario remains unusually high, both in Spain and the rest of the world, due to unknowns regarding the future evolution of COVID-19 as well as doubts concerning the effectiveness of the measures being taken.
The budget execution figures available for 1Q 2019 indicate public sector accounts standing in a very similar position in Social Security to a year previously.
The labour market secured a good performance in May, as evidenced by an uptick in Social Security affiliates of 211,752 in non-seasonally adjusted terms, very close to the CaixaBank Research forecast (212,000).