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With the general government deficit expected to stabilise at around 4.0% of GDP in 2023, the Treasury’s funding needs will remain high. The market will also have to absorb all of the debt held by the ECB that will not be reinvested by the central bank, after it announced a shift in its strategy in December. In this context, it is useful to put into perspective the volume of debt that the market will have to absorb during 2023.

The saving capacity of Spanish households reduced significantly in 2022, it has been very rapid because of the inflationary context.

In Spain, households have begun to reduce the savings accumulated during the pandemic in order to sustain their consumption levels in an environment of high inflation. The fall in the savings rate has also been reflected in Spanish households’ financial assets.

One of the imbalances that has traditionally characterised the Spanish economy is its high levels of foreign debt, which is a source of vulnerability in the event of possible shocks in the financial markets and also jeopardises the sustainability of expansionary cycles.

To take the pulse of the economy, we usually look at GDP growth. From this perspective, the latest dynamics in the Spanish economy are turning out to be somewhat better than expected. However, the factors on which the growth is supported are just as important, if not more so.

The situation in the Spanish tourism sector has improved dramatically during the summer months, beating the forecasts of many companies in the sector.

A year ago, a race began in which the participants did not know the distance to be travelled or the height of the obstacles they would encounter along the way. Now, it has become clear that not everyone has faced the same race. Many are now running the final lap of a 10,000-metre race, while others still have the unforgiving last mile of a marathon ahead of them. The priority at present is for the maximum number of participants to reach the finish line safe and sound.