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How innovative is Spain relative to its European partners? We analyse the evolution of Spain’s position in the European Commission’s innovation index.
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?
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.
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.
The labour share is a variable with important economic, political and social implications which is of particular interest to analyse in turbulent times like the present.
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.
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.
Taking advantage of the upcoming year end, we have prepared our traditional Dossier analysing the trends and key elements that will determine the behaviour of the economy in 2026. First, we analyse the resilience of the global economy to the tariff storm and the challenges it faces in a future that will continue to be marked by geopolitics, precisely one year after Donald Trump’s victory in the US presidential election. In the second article, we address the European challenge of reducing public debt amid the need to invest in defence, innovation and the green and digital transition. Next, we focus specifically on the outlook for the US economy, which is facing the new year with a mix of strength and vulnerability. Finally, we quantify the forecasts for the Spanish economy, which has shown better-than-expected dynamism in recent quarters in an adverse international context.
José Ramon is Head of International Economics & Markets at CaixaBank Research. He has a Master's degree in Financial Markets from ICADE, a Bachelor's degree in Economic Sciences specialising in Economic Analysis and Quantitative Economics from the Complutense University (Madrid), and a Senior Management Programme from IE Business School to his name. Prior to joining CaixaBank, he worked as chief economist at Bankia and Caja Madrid. He has more than 30 years of experience in various fields related to macroeconomic analysis: monetary policy, country risk, the financial system, etc. During that time, he has combined his work as an economic and financial analyst with teaching positions at various institutions: CEU, ICADE, the Business Institute (Instituto de Empresa), etc. He is currently also a professor of Economic Structure at CUNEF.
Jaume is a research assistant in the Spanish Economy department. After graduating in Economics from the University of Warwick, he obtained a Master’s degree in Specialised Economic Analysis at the Barcelona School of Economics. While studying for his Master’s degree, he also worked as a research assistant at Pompeu Fabra University.
Eduard is a data scientist in the Spanish Economics Department. He holds a degree in Physics from the University of Barcelona and a Master’s degree in Intelligent Interactive Systems from Pompeu Fabra University, in which he put into practice artificial intelligence applications, machine learning models and big data techniques. He is part of the first edition of CaixaBank’s Data Talent programme.
Anna is a research assistant in the Department of Spanish Economy. She graduated in Economics from Pompeu Fabra University with a mention in advanced quantitative methods and holds a master's degree in specialized economic analysis, focused on 'International Trade, Finance and Development' from the Barcelona School of Economics.
Catalina is a Research Assistant in the Department of Spanish Economics. She holds a degree in Economics from the University of Buenos Aires and a Master's degree in Economics and Finance from the Barcelona School of Economics. Before joining CaixaBank, she worked at J.P. Morgan & Chase as a Trade Lifecycle Analyst and at Accenture as a Deal Structuring & Pricing Senior Analyst.