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Although the drop in activity has been strong, the impact of COVID-19 on the Portuguese labor market is being more contained for the moment, thanks to the temporary adjustment of employment and teleworking.
Dossier
Impact of ageing in Spain and Portugal
Despite the unprecedented economic downturn caused by COVID-19, the cost of financing public debt is at an all-time low. To what extent do these interest rates lie behind the macroeconomic fundamentals?
In this article, we analyse the consequences of the current energy crisis for electricity prices and shed some light on how it will effect electricity bills in Spain.
This year, the ECB will not only continue to raise interest rates, but it will also reduce the size of its balance sheet. How will this reduction work and what consequences could it have for sovereign debt?
Intuition tells us that a shock like COVID-19 should increase country risk and this has certainly been confirmed by the data. Nevertheless, a longer-lasting impact on country risk should be observed, which is not the case.
Spanish tourism has made a strong start to 2023. International tourist arrivals have returned to the levels of 2019 while records have been broken by international tourism expenditure. Domestic tourism has been growing since 2022 but with less momentum due to a combination of reduced purchasing power and greater outbound travel. Although tourism is currently one of the drivers of the Spanish economy, several headwinds are likely to appear in the coming quarters. The complicated macroeconomic outlook in the countries of origin of inbound tourists, the reactivation of more distant destinations for European and Spanish tourists, and competition from more economical destinations point to a slowdown in Spain’s tourism industry as we approach 2024.
The European real estate market has seen several years of strong growth. In fact, since early 2016, house prices in the EU have risen by 4.6% year-on-year on average, outperforming wages and GDP growth. This upward trend has been widespread across countries and also large cities. This article examines the factors underpinning this trend and whether it poses any risks.
Activity in Spain’s agrifood sector is increasing at a faster rate than across the economy as a whole and the outlook for the 2024-2025 campaign is encouraging. Exports are holding up well in the adverse environment of recent years and the food price rally has begun to slow, although the cumulative increase since 2019 remains significant.