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India and China have undergone an unprecedented economic transformation in recent decades, but their growth trajectories have followed diverging paths. In this article, we compare the two models from a long-term perspective, breaking down the factors that have driven their economies: capital, labour and productivity.

Just as the summer is prone to extreme weather phenomena when pockets of cold air coincide with very warm temperatures on the sea surface, August is also often a tumultuous month for the financial markets.

The strength of the labour market and population growth due to migratory flows have led to a rise in Spaniards’ gross disposable income.

The return from the summer break this year has been different to other years: the Spanish economy is where we left it, or even in slightly better shape than we had anticipated, and this will force us to revise our GDP growth forecast for 2024 slightly upwards.

The Portuguese economy is showing remarkable resilience in 2025, driven mainly by a buoyant labour market and increasingly strong investment.

The Spanish economy is showing solid domestic demand and a capacity to continue to drive growth, if the international context allows it and if it can successfully overcome the main challenges it faces following the summer break.

Small mid-caps could benefit from more proportionate regulation that facilitates the scale-up of Europe’s productive sector, an idea which the Draghi report stressed in order to regain global competitiveness.

We analyse the improvement in Portuguese companies’ financial position due to their reduced levels of debt. 

We revise upwards our growth forecast for the Spanish economy in 2025, from 2.4% to 2.9%. For 2026, we revise the forecast upwards by 0.1 pp, placing it at 2.1%.

The resistance exhibited by international economic activity, the reduction of uncertainty and the improvement in growth projections indicate a better immediate outlook. However, the world economy is not out of the woods yet. 

After years of rapid expansion, the Chinese authorities have decided to put a stop to excessive leveraging in the real estate sector. Beginning in the summer of 2020 new limits on access to credit for property developers were imposed and the sector entered a prolonged phase of adjustment in which it still remains today.

Spain is the country where net wealth has increased the most since the pandemic: from Q4 2019 to Q3 2023 there was a significant increase of 25%, followed closely by Germany with 22%, France with 16% and, further behind, Italy with 6.0%.

The year-end data for 2023 confirm that, despite a fall in their revenues, businesses have continued to generate lending capacity and to reduce their levels of debt to the lowest they have been in over two decades.

The available information suggests that Spain’s economic activity has continued to grow at a steady pace during Q1, despite an adverse economic context and inflation hovering at around 3%.

Spain is facing 2026 with funding needs that remain high, albeit in a relatively more favourable fiscal context than its main European peers. Despite the reduction of the deficit and public debt as a percentage of GDP, the high nominal levels and a volume of maturities similar to that of 2025 mean that funding needs remain at levels comparable to those of recent years. In this context, the strength of demand for public debt – especially among non-resident investors – allows us to anticipate an orderly absorption of the issuance volume.

CaixaBank’s consumption indicators built using big data techniques and internal card spending data confirm the good dynamics of the catering sector in Spain and its close relationship with tourism.

How innovative is Spain relative to its European partners? We analyse the evolution of Spain’s position in the European Commission’s innovation index.

We analyse the price and cost competitiveness of export sales, as well as Spain’s current share of exports in a global scenario marked by rising trade tensions where the margins for competition appear to be narrowing.

With the third year of disbursements of European NGEU funds now behind us. Have expectations been met? Are the investments and reforms being implemented as planned?

In this article, we analyse the factors behind the recent behaviour of investment in Spain, comparing the current investment cycle with the previous one (2014-2019) and contrasting the situation in Spain with that of its main euro area partners.