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The uncertainty generated by Brexit is already affecting economic growth (mainly in the United Kingdom, and in particular in the form of a suspension of investment projects) and it could hinder business relations with Spain in the short term.

In the continuation of the article «Advanced economy housing markets in a scenario of tighter monetary policy (part I)» we calculate the potential adjustment in housing prices which could occur in some of the international housing markets that are showing signs of overvaluation.

Spain’s foreign sector has registered a surplus for the last 12 consecutive years. The strength of this success was proven last year, when the current account balance survived the energy crisis, which caused a sharp rise in the price of imported energy products and a marked deterioration in the trade balance.

The Spanish economy continues to stand out for its dynamism. In addition, behind the strength of the main indicators, there are several factors that point to the consolidation of a solid expansion cycle, which also helps us to understand the confidence that households, businesses and investors are showing.

To date, Spain has already complied with 70% of the reforms set out in the Plan, but only with 15% of the investments, partly because of the Plan’s very nature, which places more emphasis on the reforms in the first few years, and partly due to some initial delays in the implementation.

The Spanish labour market has changed its growth pattern since the pandemic, showing an increase in employment in sectors such as health, education and technology. Is this new model favouring an increase in productivity? We analyse the impact of the composition effect and how it compares with other expansive cycles.

In this article we analyse key aspects of Spain’s public finances, such as the duration of its public debt and the sensitivity of the risk premium to other economies, in order to assess the extent to which the challenging global environment and the fiscal risks in the rest of Europe can impact us.

The debate over working hours has intensified significantly in Spain, on the one hand, due to proposals for its reduction, and on the other, due to the rise in hours lost due to temporary sick leave. Beyond the impact on business costs and the labour market, the implications for labour productivity are of particular interest, with widely divergent readings since the pandemic in the case of Spain depending on whether we measure it per hour worked or per employee. This article places these debates within the broader the European context, drawing similarities and differences with other countries in our vicinity.

While employment in Spain far exceeds pre-pandemic levels, the number of hours actually worked has grown at a slower pace since then. The significant increase in absenteeism due to temporary disability has been one of the main factors behind this trend.

Since the end of the pandemic, the catering industry in Spain has enjoyed a rapid recovery, supported by the dynamism of tourism and the normalisation of consumption. Revenues have grown and employment has reached historic highs, consolidating its role as one of the pillars of the services sector. Yes despite this strong performance, the sector still faces a challenge: its high business turnover, which limits the stability and maturity of the productive fabric.

This first article in the Dossier “Solidarity in Spain: snapshot of a committed society” examines the social attitudes and philanthropic behaviour of the Spanish population through the representative survey commissioned by the Social Observatory of the ”la Caixa” Foundation in 2024.

As we emerged from the summer, we found an economy in the midst of a slowdown compared to the significant growth rates recorded in the first half of 2023. In this article we present our outlook.

The evolution of the middle class in Spain reflects a slight upward trend in recent years: according to the data, the percentage of the population belonging to this social stratum increased from 59.2% in 2007 to 61.1% in 2022. However, despite this slight growth, the perception is often the opposite.

Despite the challenging international context of 2025, which foreshadowed a significant deterioration in Spain’s current account balance after showing uninterrupted surpluses since 2012, the balance has ended up being better than expected, thanks to favourable factors such as the containment of international energy prices and the dynamism of service exports, especially non-tourism services. 

In this article we analyse the role played by the US economy in our country’s trade relations: although it is an important trade partner, Spain’s exposure to the US is relatively low, although there are significant disparities between sectors. 

We analyse the changes in the export intensity of the various sectors of the Spanish economy dedicated to non-tourism goods and services, in order to diagnose the current state of the Spanish foreign sector and its recent evolution.