The goal has been identified and diagnosed for some time, but it is difficult to achieve. It requires patience, resources, both public and private, and determination and cooperation among the various institutions and agents involved, precisely because the challenge is so great.
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The Spanish economy continues to show greater buoyancy than had been expected at the start of the year, thanks above all to the momentum of the tertiary sector, especially tourism-related activities, as well as the strength of job creation. Over the coming quarters supporting factors will emerge, such as a less restrictive monetary policy, an easing of inflationary tensions and an expected acceleration in the execution of the European NGEU funds.
The household savings rate has risen in Spain to even exceed the level reached in the years prior to the pandemic thanks to the significant growth of disposable income. Where are these increased savings being allocated and what are the consequences?
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.
In the context of the European elections of 9 June, we bring forward the publication of the Dossier from June’s Monthly Report in order to contribute to the debate on the strengths and weaknesses of the Single Market at an economic level and some of the challenges that lie ahead: competitiveness, the impact of artificial intelligence, productivity and the capital markets union.
Javier works as a Senior Economist in the Spanish Economics Department. He holds a PhD in Economics from the Massachusetts Institute of Technology (MIT), a Master’s Degree in Economics with Distinction from the London School of Economics, and a Bachelor’s Degree in Economics from Universitat Pompeu Fabra. Before joining CaixaBank, he worked as a Research Assistant and Teacher Assistant at the Massachusetts Institute of Technology. His areas of study include macroeconomics, political economy and finance. He coordinates the Monthly Report Dossier and the Notas Breves de Actualidad Macroeconómica.
Josep Mestres Domènech is a lead economist in the Spanish Economy Unit of CaixaBank Research. He has a PhD in Economics from University College London and a Master in Economics from the Universitat Pompeu Fabra. Before joining CaixaBank he worked as an economist in the Employment and Social Policy Department (DELSA) of the OECD, in the divisions of International Migration and Employment. His areas of study include labour economics, immigration economics and public policy in general. He is currently Analytics coordinator in CaixaBank Research, which includes the Real-Time Economics portal.
Ariadna is lead economist in the Strategic Planning Department. A Master in Economics and Finance from the Barcelona Graduate School of Economics, before joining the Banking Strategy Department, she worked with the Macroeconomics team and, before that, she worked in Frankfurt as a Research Assistant for the European Central Bank in its department of International and European Relations, International Policy Analysis Division. Her areas of study mainly include the Spanish and Portuguese banking systems, focused on business volumes.
Marina Tombas Suñé works in the Analytics team of the Spanish Economics Department at CaixaBank Research. She holds a degree in Mathematics from the Autonomous University of Barcelona and is part of the WonNow talent program, promoted by CaixaBank and Microsoft. Before joining the bank, she completed an internship at Minsait, where she gained experience in data science projects.
David is an economist in the International Economics and Markets Department. He holds a degree in Economics from the University of Castilla-La Mancha and a Master's degree in Economics and Finance from the Centre for Monetary and Financial Studies (CEMFI). Before joining CaixaBank, he worked as an economist at the European Commission, the Bank of Spain, BBVA and Analistas Financieros Internacionales (Afi). His main area of study is macroeconomics, with an emphasis on long-term growth factors, international trade and structural transformations in the global economy.
Martín holds the position of research assistant in the Strategic Planning Department. Graduate and Master in Economics from the Pontificia Universidad Católica del Perú and Master in Macroeconomic Policy and Financial Markets from the Barcelona School of Economics. Before joining CaixaBank, he worked at the Superintendency of Banking, Insurance and AFP as an analyst and banking supervisor in the microfinance, credit risk and banking departments.
Zoel is an economist at the Spanish Economics Department. PhD in Economics by the Universitat Pompeu Fabra (UPF) and MSc in Economics at the Barcelona School of Economics (BSE). Before joining CaixaBank, he worked as research assistant at the Centre de Recerca en Economia Internacional (CREi) and as teaching assistant at the UPF and BSE. His main areas of expertise include integration of big data in macroeconomics and the impacts of climate change on macroeconomics. He specializes on monitoring and forecasting Spanish inflation.
Maitane is an analyst in the Department of Strategic Planning. She holds a degree in Economics and Master’s in Banking and Financial Regulation from the University of Navarre. Prior to joining CaixaBank, she worked in the Supervisor Relationship management team at Bankia, and previously at EY as a manager in the department of financial accounting services for the banking sector. Her primary area of research is the Spanish banking system.
Mireia is an analyst in the Strategic Planning and Research Department at CaixaBank. She holds a degree in Business Administration and Management and a Master's degree in Business Administration from ESADE. Before joining CaixaBank, she worked as a project manager in the Corporate Development and M&A Department at Naturgy, in PwC Corporate Finance and for DC Advisory Partners. Her areas of research and specialisation primarily include the analysis of the profitability and competitive environment of the Spanish and Portuguese banking system.
Sergio is an economist in the Spanish Economics Department of the Research Division. He holds a degree in Economics from the Autonomous University of Madrid and a Master's qualification (Advanced Studies diploma) in Applied Economics from the National University of Remote Education (UNED). Before joining CaixaBank, he worked as an analyst at the Institute of Economic Studies and at Bankia. His areas of research include macroeconomics, regional economics and sectoral analysis.
Rita is an economist in the International Economics & Markets Department. She holds a bachelor's degree in Economics from the Complutense University of Madrid (UCM), a master’s degree (Advanced Studies diploma) in Economic Analysis and Quantitative Economics from the same university, and is accredited with the CIIA ® certification. Prior to joining CaixaBank, she worked as a research assistant at the faculty of economics at UCM, where she also taught as an associate, and as a macro analyst at Afi, Intermoney and Bankia Estudios. Her areas of research include macroeconomics, with a particular emphasis on the euro area.
Antonio is a senior economist in the Department of International Economies and Markets. He holds a master’s degree in Macroeconomic Policy and Financial Markets from Pompeu Fabra University and, more recently, another in Data Science. Prior to joining CaixaBank, Antonio worked as a senior economist in the research teams at Citigroup and BNP Paribas in London, United Kingdom. His areas of research include financial markets, monetary policy and global macroeconomic developments. He coordinates the Brief Notes and other publications.