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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.

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.

The foreign sector plays a key role in the National Statistics Institute’s upward revision of GDP for Q1 2023.

The new GDP growth forecast by autonomous community for 2026 presents a mixed picture: the regions of the Mediterranean arc and the archipelagos will experience stronger growth, while the Cantabrian coast and much of the interior will record more modest rates.

Having launched the most intense monetary tightening cycle of recent decades, it appears that the central banks are on track to solve the unexpected upturn in inflation which the international economy has had to cope with since the first half of 2021.