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…
Good news in the global economy, but with caution
The global economy sustains the momentum, but pockets of instability persist. The US faces the impact of the longest shutdown in its history; the euro area holds up but lacks momentum, and China’s slowdown is accentuated at the end of the year.
Stock market fear gives way to market optimism fuelled by the Fed
November was dominated by a sharp upturn in volatility in the stock markets, amid doubts about the potential exuberance of AI investments in the US and the high valuations of the big tech firms. Sentiment recovered towards the end of the month, with the expectation that…
When will the savings rate of Spanish households decrease?
In this article, we analyse the latest data on the savings rate of Spanish households, which remains high, and the structural and economic factors that explain its evolution. This helps us to understand what its trajectory might be in the coming years.
Key points of the month
Spain 2026: dynamism, strength and confidence
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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 |
