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What has triggered the sharp rise in energy prices in Europe in the second half of 2021? Will the rally persist in the medium and long term?

The recent publication of the European Commission’s 2024 Ageing Report is an important milestone for the Commission’s evaluation of the 2021-2023 pension reform planned for 2025 and will determine whether further measures are needed to ensure the system’s sustainability.

The Greater Lisbon region accounted for 18% of all home sales in Portugal in 2023. Of these, 23% involved buyers with tax residence outside Portugal and the EU.

The high season for Spain’s tourism sector has turned out better than expected in 2025, confirming our view that tourism growth is normalising at solid levels: CaixaBank Research forecasts that tourism GDP will grow by 2.7% in 2025 and by 2.5% in 2026.

The postponement of interest rate cut expectations that had begun in February extended to March, with investors consolidating the idea that the central banks are not in such a hurry to relax financial conditions so soon.

The Spanish economy continues to stand out for its dynamism. In addition, behind the strength of the main indicators, there are several factors that point to the consolidation of a solid expansion cycle, which also helps us to understand the confidence that households, businesses and investors are showing.

The recovery of investment should gain traction over the coming years and, in the case of the Spanish economy, the execution of the European NGEU funds is expected to exert ever greater traction on private investment.

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.

With the Belt and Road Initiative, China has not only diversified the destinations of its exports in recent years, but has also diversified the origins of its imports, becoming a voracious consumer of commodities. 

In an environment characterised since 2020 by a string of negative disturbances, the positive surprise in 2023 was once again the resilience of the global business cycle, understood as «the ability of a living being to adapt to a disturbing agent or an adverse state or situation», according to the definition of the Royal Spanish Academy.

We analyse how the Portuguese economy has managed to maintain the momentum in its exports over the last decade and what their main characteristics are.

According to the glimpse of the tax close published by the Ministry of Finance, tax revenues in 2021 were surprisingly strong and have exceeded the expectations set out in the 2021 General Government Budget, despite GDP growth for the year falling below the government’s expectations.

The latest update of the IMF's World Economic Outlook highlights stable growth expectations for the global economy (GDP +3.3% in 2026 and 3.2% in 2027). Technological dynamism, particularly investment related to AI, continues to sustain economic activity, especially in the US, offsetting the adverse effects of persistent trade tensions and high geopolitical uncertainty. In this environment, the IMF anticipates a gradual slowdown in international trade (+2.6% in 2026 vs. 4.1% in 2025), and economic activity is showing uneven dynamics.