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In the other pages of this Dossier, we have analysed in depth how ageing will affect the capacity for economic growth and the public finances. All these changes will have consequences on the supply and demand for savings and, therefore, on the interest rates of economies.

There is cause for alert... and concern. The trickle of negative news has been constant in recent months. If you have read the newspaper over the holidays, you will hardly have found a section that left you indifferent. Migration and humanitarian crises, political and social conflicts, and turbulence in the financial markets have occupied all the headlines. In this context, it seems that the economy should be weakening significantly.

The current demographic transition should lead, ceteris paribus, to a significant slowdown in economic growth over the coming decades, in both advanced and emerging and developing countries. Only an ambitious implementation of a set of policies can significantly cushion its effects. 

In the current circumstances, each person’s perception of the economic situation is very different and may be heavily influenced by the sector in which they work or the region in which they live. Fortunately, we have data which we can use to check our impression of the economic reality.

The ECB has completed a monetary cycle, leaving the negative rates and unconventional measures of the last decade behind and significantly tightening monetary policy. During this cycle, the ECB has also adjusted the structure it uses to guide and implement monetary policy

The Spanish economy performed better than expected in the first half of the year, but a slight moderation is anticipated in the second half.

In this article, we analyse the latest data on the savings rate of Spanish households, which remains high, and the structural and economic factors that explain its evolution. This helps us to understand what its trajectory might be in the coming years.

What’s behind the semiconductor shortage? Is it a transitory phenomenon attributable to the pandemic or does it also reflect structural factors linked to the specific characteristics of the sector?

Although the trends in inequality are encouraging, we cannot declare victory just yet. Over the coming months, we will have to keep a close eye on whether the observed trend is consolidated, especially in the most vulnerable segments of the population, and adjust the support schemes accordingly.

In 2024, Spain’s real estate market enjoyed a remarkable recovery, with a significant increase in both house prices and sales. Factors such as the growth of gross disposable income, foreign demand and falling rates drove this trend. In this article, we unveil our forecasts for 2025 and explain why we expect this boom to continue.

The savings rate of Spanish households remains very high, but it can vary substantially depending on income level, so it is important to analyse how it is distributed according to income level and age. We dedicate this article to such an analysis, using anonymised internal data and big data techniques. 

Foreign demand is a fundamental pillar in explaining the strength of housing demand in the current expansionary cycle. Much of this demand comes from foreigners who reside in Spain – a group that has been on the rise in recent years with the recent influx of immigrants into our country.

The challenge for economic policy is to maintain the resilience of an increasingly complex, interconnected and uncertain economic system. As Keynes warned, the challenge lies not so much in developing new ideas as in escaping old ones, thus freeing ourselves from inherited mental frameworks.

The impact on the EU of a universal tariff on US imports of goods goes beyond the direct effect it will have on exporting companies, as it will also be felt indirectly across the economy as a whole and throughout European and global value chains.