Sectoral Observatory

The Spanish economy is facing the first half of 2026 from a position of strength, albeit with a clear moderation in growth following the strong dynamism of 2025 and amid a more adverse international context. The outbreak of the war in Iran has introduced a new supply shock that is affecting sectors unevenly, with a bigger impact on industry while domestically-oriented services are showing greater resilience. Despite this, the strength of domestic demand and progress made in modernising the productive base are allowing the impact to be absorbed without any significant deterioration of the cycle. In this issue, we analyse the main geopolitical and sectoral risks, the vulnerability of supply chains, and the role of entrepreneurship and investment in intangible assets as key pillars of resilience and medium-term growth.