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The health situation and the lockdowns made 2020 an annus horribilis for Portugal's tourism sector: total profits generated by tourist accommodation establishments fell by almost 3 billion euros and the total number of guests fell by 61%.

There is broad consensus among economists that assigning a price to greenhouse gas emissions is the key tool for facilitating the transition to a climate-neutral economy and containing global warming. But what level should this price reach and how would it affect economic growth and inflation? 

Follow the evolution of the Spanish economy with our real-time indicators.

What is expected in 2022 in terms of sustainable investments? We gauge the importance of environmental sustainability in the European NGEU funds as part of the Recovery and Resilience Mechanism.

The debate in recent weeks has focused on assessing the likelihood of a global recession. However, we must bear in mind that a recession is more than just a phase of below-potential growth or a fall in GDP over a couple of quarters.

We analyse individual CaixaBank customers’ direct debit electricity bill payments in order to understand how Spanish households’ electricity bills have evolved in 2022.

The composition of European final demand includes 2% Chinese goods and services, while the dependence rises to 6% in manufacturing, most notably in sectors such as textiles and electronics. But how much does China depend on the EU?

Since we last revised the economic forecasts for Portugal in September, some assumptions have changed and the new situation has led us to make a slight revision of our scenario, although the key underlying trends remain unchanged.

The Spanish economy’s trade deficit in energy products has increased considerably and it is unlikely to revert in 2023. In this article we analyse the figures behind the Spanish economy’s energy deficit in 2022 in order to understand what is driving it and what we can expect for 2023.

Our forecast for 2023 headline inflation in Spain has been revised downwards, from 4.5% to 4.2%, due to the impact of the lower energy prices. However, core inflation (the sum of services and industrial products) and food inflation will remain very high.

Following a record-breaking 2022, the ECB’s interest rate hikes, coupled with the slower growth in real household disposable income, are expected to weaken the demand for housing.

Beyond housing prices, there are several indicators which show that, after years of rebalancing, the Spanish real estate sector has a reasonably clean bill of health.

The rise in food prices is proving to be more persistent than expected. In this article, we analyse the factors behind this inflationary episode and what we can expect in the short and medium term.