Sectoral analysis

How are Spain’s economic sectors exposed to the Iran war shock?

After a 2025 marked by uncertainty around trade policy, in 2026, the conflict in Iran has emerged as the main source of risk for the global economy. We analyse the exposure channels of Spain’s various economic sectors to this shock. We focus on four transmission channels: the rising cost of fossil fuels, global trade tensions, direct supply risks stemming from the blockade of the Strait of Hormuz, and the potential tightening of financial conditions.

David Cesar Heymann

16 June 2026

Sectoral Observatory

Cross-section of business investment in Spain: more intangibles and an increasingly mixed pattern

Investment is a key determinant of long-term economic growth, due to both its direct contribution to aggregate demand and its impact on competitiveness and productivity. In recent years, business investment in Spain has shown significant divergence by sector and region, as well as a notable change in its composition, with a growing prominence of intangible assets (R&D, software, intellectual property, etc.), especially in advanced services and larger companies. This highlights the central role of digitalisation in transforming the productive base of Spain’s economy and in narrowing the gap with the most innovative countries.