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We conclude the Dossier «An analysis of European productivity» by identifying the factors that hinder productivity growth in the Spanish economy, and those that could drive it, focusing on the evolution of productivity in the various autonomous community regions and on their defining traits relative to other European regions.

Europe’s business sector has become more reticent to investment, opting instead to accumulate savings or to pay off debt while awaiting greater certainty and improvements in the competitive conditions of the single market.

After performing better than expected in the first half of 2023, global economic activity has experienced a slowdown in Q3 as a result of differing dynamics among the major economies. Below, we take a look at the outlook for the international economic environment.

Spain included 28.4 billion euros from the Recovery and Resilience Mechanism, NGEU’s main instrument, in the 2022 General Government Budget. Have expectations been met? Are the investments and reforms being implemented as planned?

Between the end of September and the end of February, the US dollar depreciated by 6% in effective nominal terms and by 10% against the euro, trading at close to 1.07, a level not seen for almost a year. We explore what lies behind this change of trend and whether it is likely to continue.

The euro area reached the ECB’s inflation target in 2025. Headline inflation fell to 2.1% for the year as a whole and closed at 1.9% in December, while most agents’ expectations also place it at 2% in the medium term. How has this final disinflation towards the 2% target played out? Which products and countries have contributed the most? What inertia remains?