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Although the trends in inequality are encouraging, we cannot declare victory just yet. Over the coming months, we will have to keep a close eye on whether the observed trend is consolidated, especially in the most vulnerable segments of the population, and adjust the support schemes accordingly.

The indicators that have been published during the opening months of the year paint a picture of a buoyant Spanish economy in Q1 2025, albeit with a slightly less vigorous growth rate than in the previous quarter.

Consumption has surged since the end of the last state of emergency in May. To a large extent, this consumption is driven by pent-up demand as a result of unprecedented forced savings in the face of the restrictions on activity and mobility that were imposed since the beginning of the pandemic to curb the spread of the virus. Which sectors have seen the biggest rebound in spending? Why have durable goods not picked up as much?

That being the case, for the moment, and while we wait for events to unfold, it seems that our economy ought to weather this period of uncertainty better than our main trading partners.

The economic shock of the war in Ukraine is having differing negative effects on the various sectors of the Spanish economy depending on their energy use, their exposure to certain global supply chains and their trade ties with the region.