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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.

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 government has presented a second action plan to cushion the economic impact of the current high inflation. According to government estimates, this second package will have a budget impact of more than 9 billion euros (0.7% of GDP), which includes 5.5 billion in new expenditure and 3.6 billion in reduced revenues due to cuts in electricity taxes.

The deluge of bad omens that is ravaging the difficult context we have been living through of late conceals a much more hopeful reality: the strength of the Spanish labour market. Its recent evolution continues to offer surprises, and in a good way. It is worth highlighting.

The tourism sector is proving to be one of the biggest beneficiaries of the rapid recovery in international mobility. The sectoral indicators paint a very positive picture for the remainder of 2022, meaning it can act as a driver for the Spanish economy at a time when many other sectors are enduring a difficult context.

The saving capacity of households is being reduced due to the rise in inflation. Nevertheless, the level of savings in 2021 was still high.

Today marks the publication of the first CaixaBank Sectoral Digitalisation Index, a tool which measures Spanish companies’ degree of digitalisation in relation to the European technological frontier.

There are still few large companies in Spain, especially when compared to the major developed countries. This is undoubtedly one of the main reasons why the productivity of the Spanish economy remains relatively low.

A new indicator of the monthly expenditure at petrol stations using anonymised data from CaixaBank customers shows us how we have adapted our fuel consumption to the rise in prices.

Social cohesion, together with the ecological and digital pillars, constitute the key spheres of action of the Recovery, Transformation and Resilience Plan (RTRP). This is a plan which outlines the roadmap for a robust, inclusive and resilient economic recovery, not only to tackle the crisis triggered by the COVID-19 pandemic but also to respond to the challenges of the next decade.