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After a few months in which the winds have been less unfavourable than expected, the growth forecasts for this year are looking somewhat brighter

On a positive note, the PMI for the services sector stood at 56.7 points in May, well above the level at which positive growth rates are usually observed (50 points), albeit below the level of the previous two months.

The wealth of Portuguese households has increased in recent years and the distribution by level of wealth or employment status shows little difference with respect to the euro area. However, the proportion of liabilities that are borne by the less wealthy half of the population is relatively higher.

We review the recent dynamics in services inflation in Spain and their relationship with wages and energy, two key factors for understanding what pattern this component will follow in the coming months.

We analyse what has happened in advanced economies in terms of inflation and interest rates in order to try and gauge the likely course the central banks will take over the coming months.

Spain’s non-financial corporations face uncertainty and risks, but their solid financial position, together with favourable financing conditions and the boost provided by NGEU funds, should encourage greater investment.