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The Spanish economy performed better than expected in the first half of the year, but a slight moderation is anticipated in the second half.

What exactly is productivity and how can we measure it? Where does Spain lie in terms of its productivity compared to the rest of the euro area? With this article, we launch a series on the fundamentals of the Spanish economy, which will continue in the monthly reports of the coming months.

In this article, we analyse the factors behind the recent evolution of Spain’s household savings rate and the outlook for 2026, in a context marked by the conflict in the Middle East, which could lead to higher inflation and potential interest rate hikes.

We analyse the purchasing power of the stock of Spanish households’ financial assets in a context of high inflation.

Employment in Spain has experienced rapid growth in recent years. The unemployment rate has also fallen sharply, but it remains one of the highest in the euro area. Can the labour market continue to support Spain’s economic growth?

The Spanish economy continues to show greater buoyancy than had been expected at the start of the year, thanks above all to the momentum of the tertiary sector, especially tourism-related activities, as well as the strength of job creation. Over the coming quarters supporting factors will emerge, such as a less restrictive monetary policy, an easing of inflationary tensions and an expected acceleration in the execution of the European NGEU funds.

The indicators published in recent weeks confirm the good health of the Spanish economy, with growth in Q1 once again beating expectations and recording the highest rate among the major euro area economies.

The Spanish economy has once again exceeded our expectations in the opening months of 2024. While the GDP growth figure for the final quarter of 2023 was higher than expected, that of the first quarter of this year confirms the good performance of Spain’s economy and leads us to revise our forecasts upwards. Let’s re-examine the main factors that will determine the outlook for Spain’s economy, after incorporating the latest available information.

In many developed economies, housing prices have been rising significantly for years – a trend which only accelerated during the pandemic. However, some of those housing markets have begun to experience a correction in the current context of higher interest rates and an erosion of household real disposable income.

Employment has enjoyed a strong recovery in Spain since the pandemic. Between 2019 and the first three quarters of 2025, the number of people in employment grew by 11.9%. In addition, the sectoral distribution of this boom differs from the expansionary cycle of 2014-2019. Sectors such as healthcare, professional and scientific activities, and technology have gained prominence, while manufacturing and traditionally job-intensive areas such as trade, hospitality and agriculture have played a smaller role. These dynamics raise a key question: is the employment created in this phase of higher quality than in previous expansions? To answer this question, we have analysed three key aspects: workers’ qualifications, the trend in temporary employment – as an indicator of stability – and real wages.

In this first article in a series of two, we review the recent trends in capital investment in Spain and make a comparison with the rest of the euro area. In a second article in this same Monthly Report, we investigate the incentives for investing, based on an analysis of the evolution of profitability and the cost of financing, sector by sector.