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In this two-part study, we look at how China has become the centre of gravity of Asian value chains in recent decades and how this has affected trade flows in the surrounding countries, and in particular those of ASEAN member states.

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.

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

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.

After performing better than expected in the first half of 2023, global economic activity has experienced a slowdown in Q3 as a result of differing dynamics among the major economies. Below, we take a look at the outlook for the international economic environment.

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 Chinese authorities seem willing to tolerate a slower pace of growth, prioritising economic security. What implications will this new macroeconomic environment have for China and what will be the ramifications globally?

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. 

If you have read the newspapers this past month of August and have not felt a certain sense of discouragement, either your holiday destination was magical or you are a true optimist.

The strengthening of Spanish households’ finances has exceeded expectations and is good news for the Spanish economy, as the challenging context looks set to continue over the coming quarters.

Dining out in Spain shows a clear pattern of concentration towards the end of the week, with a higher average spend, suggesting an increasing trend towards more social and discretionary consumption, with seasonal variations.

The financial position of Spanish households has improved in aggregate terms: incomes have grown significantly, wealth continues to recover, indebtedness has decreased, and the financial burden is at a minimum. However, generational inequalities persist.

In mid-2020 the Chinese government announced a series of strict rules on access to credit in the real estate sector, which had historically followed a growth model based on high leverage. However, these measures not only managed to limit debt in the sector, but also exposed its vulnerabilities. In this article, we look at the biggest risks of this strategy.

The conflict in the Middle East set the pace for financial markets in a month marked by very high uncertainty and as geopolitics continued to redefine the economic landscape.

We outline the five assumptions that must be met in order for the factors that are holding back economic growth to dissipate and for the outlook with which the year has begun to be confirmed.

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.

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.