United Kingdom
The UK economy barely grew in Q3 (0.1% quarter-on-quarter), representing a slowdown compared to the growth rates seen in the first half of the year (0.7% in Q1 – due to the anticipation effect of the tariff war unleashed by Trump – and 0.3% in Q2); GDP continues to grow,…
France
France appears to be performing strongly despite being in the midst of a political crisis. The growth recorded by the French economy up to Q3 2025 is attributable to patterns that are either unsustainable (such as high inventory accumulation in Q2) or temporary in nature…
Italy
Like its main euro area partners, the performance of the Italian economy was very volatile in the first half of the year, as a result of agents' decisions to bring forward purchases to avoid the impact of Trump's tariffs on final prices.
The Spanish economy remains dynamic in the final stretch of 2025
The November activity indicators point to a very positive Q4 for the Spanish economy, while inflation stabilises at still somewhat high levels and the house price rally shows no sign of easing. The current account surplus is reduced by the strength of imports, as is the…
Key points of the month
Spain 2026: dynamism, strength and confidence
Recommended
Financial markets
Interest rate (%)
Update date 10-12-2025
| 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|
| Fed Funds | 5.25 | 4.25 | 3.50 | 3.00 |
| ECB Refi | 4.50 | 3.24 | 2.15 | 2.15 |
Macroeconomic
GDP (%)
Update date 10-12-2025
| 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|
| Euro area GDP | 2.5 | 3.5 | 2.9 | 2.1 |
| Spain GDP | 0.5 | 0.8 | 1.3 | 1.2 |
| US GDP | 2.9 | 2.8 | 1.8 | 1.9 |
