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The Spanish government has presented to parliament the Draft General Government Budget for 2023 and has sent to Brussels its Budget Plan setting out a picture of the consolidated general government accounts.

The next year looks set to be a year fraught with challenges. Growth is expected to slow as the economy adjusts to the energy crisis we are experiencing. Against this backdrop, we can only hope that all these adjustments will lead us towards an economy that is better prepared to face the challenges that lie ahead.

The indicators published in recent weeks confirm the good health of the Spanish economy, with growth in Q1 once again beating expectations and recording the highest rate among the major euro area economies.

The new CaixaBank Research Dossier, dedicated to «An analysis of European productivity», aims to explore the recent dynamics in the EU’s productivity, focusing on its territorial dispersion and the differentiating factors between the best and worst performing regions. In this first article, we provide some context by outlining the main trends.

In the second article of the Dossier «An analysis of European productivity», we review a broad set of variables covering institutional, geographical and technological aspects, as well as others linked to the economy’s productive fabric, in order to distinguish the different groups of European regions according to their productivity level.

The energy crisis has led to an increase in energy prices which is not affecting all households alike, since their resources and initial situation are not the same in all cases.

It does not look like we are on the cusp of a cycle of high GDP and job growth. But it also does not appear that the economy is going to enter a deep or prolonged recession.

The international economy has entered the new year with vital signs that reflect the barrage of negative shocks accumulated since the beginning of 2020, but with signs of improvement in the macroeconomic imbalances.

The indicators for Q1 suggest that economic activity is more buoyant than expected, and that GDP growth in the first quarter could exceed our forecast of 0.4% quarter-on-quarter.

Will oil remain an essential source of energy in the coming decades? What supply and demand scenarios are anticipated given the targets to decarbonise the economy?