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Financial Markets Daily Report 12 February 2025 Uncertainty and risks surrounding US trade policy drove sentiment in financial markets during the session. President Trump imposed 25% tariffs on all steel and aluminum imports, to which European Commission President von der Leyen responded "will not go unanswered" while Canada's PM stated that his country will give a "firm and clear" response. Tourism The tourism sector once again breaks records and consolidates its role as a driver of growth In 2024, tourism GDP experienced another year of significant growth, with an estimated increase of 6% in real terms, roughly doubling that of the economy as a whole. This performance was driven by a sharp rise in the number of foreign tourists and their average spending,… Pedro Álvarez Ondina 05 February 2025 Tourism What do the elasticities of international tourism demand tell us about the growth of the tourism sector in Spain? The key to the sustained increase in international tourist arrivals is the high sensitivity of demand to income growth in the source countries and a relatively moderate increase in domestic prices relative to the bigger increases occurring in competing destinations. David Cesar Heymann 05 February 2025 Tourism What factors have contributed to the reduced seasonality of tourist spending in Spain? Although the summer months continue to account for a large part of tourist flows, travel outside the high season is growing more rapidly, especially among Europeans and among Spaniards with medium and high income levels. David Cesar Heymann Eduard Alcobé Garcia 05 February 2025 Tourism The catering sector in Spain in 2024: what the data from millions of card payment transactions reveal Based on an anonymised analysis of internal CaixaBank data, we perform an in-depth study of recent patterns in spending on catering in Spain. Pedro Álvarez Ondina Eduard Alcobé Garcia 05 February 2025 European Union The new EU economic governance framework David Martínez Turégano Rita Sánchez Soliva 17 January 2025 Geopolitics Exposure of the European economy to a US tariff hike: a perspective through values chains David Martínez Turégano 17 January 2025 Geopolitics Exposure of the European economy to a US tariff hike David Martínez Turégano 17 December 2024 Geopolitics Exposure of the Chinese economy to a US tariff hike Luís Pinheiro de Matos 13 December 2024 Geopolitics The importance of the trade in goods between Spain and the United States Sergio Díaz 17 December 2024 Geopolitics Impact of tariff hikes on Spanish exports to the US: which sectors could be the hardest hit? Judit Montoriol Garriga Anna Bahí Esteba 13 December 2024 Publications Sectorial ReportTourism. The Spanish tourism sector: no signs of cyclical exhaustion S1 2025 Monthly ReportJanuary 2025 | No. 49617 January 2025 Sectorial ReportSectoral Observatory S2 2024 Sectorial ReportAgrifood. Spain’s agrifood sector enjoys a revival 2024 SpainSpain’s Macroeconomic & Financial Outlook11 February 2025 PortugalPortugal’s Macroeconomic & Financial Outlook11 February 2025 Sectorial ReportReal Estate. Strong demand and short supply shape the sector S2 2024 Sectorial ReportManufacturing Industry 2023 Opinion Editorial Trump agenda: a question of balance José Ramón Díez Head of International Economics & Markets Key points of the month Volatility in times of uncertainty José Ramón Díez Head of International Economics & Markets Recommended Recent developments Trump agenda: a question of balance José Ramón Díez 11 February 2025 Tourism The catering sector in Spain in 2024: what the data from millions of card payment transactions reveal Pedro Álvarez Ondina Eduard Alcobé Garcia 05 February 2025 Tourism What factors have contributed to the reduced seasonality of tourist spending in Spain? David Cesar Heymann Eduard Alcobé Garcia 05 February 2025 Tourism What do the elasticities of international tourism demand tell us about the growth of the tourism sector in Spain? David Cesar Heymann 05 February 2025 Tourism The tourism sector once again breaks records and consolidates its role as a driver of growth Pedro Álvarez Ondina 05 February 2025 Tourism Executive summary: The Spanish tourism sector: no signs of cyclical exhaustion Judit Montoriol Garriga 05 February 2025 Tourism Infographics. Caixabank Research forecasts for spain’s tourism sector in 2025 CaixaBank Research 05 February 2025 Financial markets Recent developments The Fed and the uncertainties about global growth condition the end of the year in the financial markets CaixaBank Research 17 January 2025 Government debt Debt limits CaixaBank Research 17 January 2025Most readTrump agenda: a question of balanceExposure of the European economy to a US tariff hikeThe catering sector in Spain in 2024: what the data from millions of card payment transactions revealExposure of the European economy to a US tariff hike: a perspective through values chainsForeigners’ appetite for homes in Spain since the pandemic NewsletterBeing informed now ismore important than everGet our latest updates Sign in Hot topics Inflationary pressures Monetary and fiscal policy Podcasts Primeros días de la presidencia de Donald Trump 31/01/2025 Forecasts Financial markets Interest rate (%)Update date 10-02-2025 Macroeconomic GDP (%)Update date 10-02-2025 Team Sandra Jódar RosellDirector of Strategic Planning Jesús ViscarriOrganization José Ramón DíezHead of International Economics & Markets Oriol AspachsHead of Spanish Economics Ana María PorrasOrganization Patricia EstebanCommunication Roser FerrerSenior economist Meet us Rita Sánchez SolivaEconomist Enric FernándezChief Economist Oriol Carreras BaquerSenior economist David Cesar HeymannEconomist Javier García ArenasSenior economist Zoel Martín VilatóEconomist Nuria BustamanteLead economist Meet us Léopold JouvenEconomist Mar Bisquert PerlesData scientist José Antonio Sánchez PalominoData scientist Josep Mestres DomènechSenior economist Ana Rincón GarcíaOrganization Luís Pinheiro de MatosEconomist Sergio DíazEconomist Meet us David Martínez TuréganoEconomist Beatriz Villafranca SerranoEconomist Imelda EstebanSenior economist Mireia CrusellsAnalyst David del ValSenior economist Carolina CruzOrganization Anna Bahí EstebaResearch Assistant Meet us Maitane LizarragaAnalyst Isabela Lara WhiteEconomist Adrià Morron SalmeronLead economist Javier Ibáñez de Aldecoa FusterEconomist Pedro Álvarez OndinaEconomist Eduard Alcobé GarciaData scientist María Romero MeléndezEconomista Meet us Isabella Castillo HernándezResearch assistant Antonio Marta MirandaResearch assistant Alberto GrazianoSenior Data Scientist Ariadna Vidal MartínezLead economist Judit Montoriol GarrigaLead economist Meet usPrint
Tourism The tourism sector once again breaks records and consolidates its role as a driver of growth In 2024, tourism GDP experienced another year of significant growth, with an estimated increase of 6% in real terms, roughly doubling that of the economy as a whole. This performance was driven by a sharp rise in the number of foreign tourists and their average spending,… Pedro Álvarez Ondina 05 February 2025
Tourism What do the elasticities of international tourism demand tell us about the growth of the tourism sector in Spain? The key to the sustained increase in international tourist arrivals is the high sensitivity of demand to income growth in the source countries and a relatively moderate increase in domestic prices relative to the bigger increases occurring in competing destinations. David Cesar Heymann 05 February 2025
Tourism What factors have contributed to the reduced seasonality of tourist spending in Spain? Although the summer months continue to account for a large part of tourist flows, travel outside the high season is growing more rapidly, especially among Europeans and among Spaniards with medium and high income levels. David Cesar Heymann Eduard Alcobé Garcia 05 February 2025
Tourism The catering sector in Spain in 2024: what the data from millions of card payment transactions reveal Based on an anonymised analysis of internal CaixaBank data, we perform an in-depth study of recent patterns in spending on catering in Spain. Pedro Álvarez Ondina Eduard Alcobé Garcia 05 February 2025
European Union The new EU economic governance framework David Martínez Turégano Rita Sánchez Soliva 17 January 2025
Geopolitics Exposure of the European economy to a US tariff hike: a perspective through values chains David Martínez Turégano 17 January 2025
Geopolitics Exposure of the European economy to a US tariff hike David Martínez Turégano 17 December 2024
Geopolitics Exposure of the Chinese economy to a US tariff hike Luís Pinheiro de Matos 13 December 2024
Geopolitics The importance of the trade in goods between Spain and the United States Sergio Díaz 17 December 2024
Geopolitics Impact of tariff hikes on Spanish exports to the US: which sectors could be the hardest hit? Judit Montoriol Garriga Anna Bahí Esteba 13 December 2024
Tourism The catering sector in Spain in 2024: what the data from millions of card payment transactions reveal Pedro Álvarez Ondina Eduard Alcobé Garcia 05 February 2025
Tourism What factors have contributed to the reduced seasonality of tourist spending in Spain? David Cesar Heymann Eduard Alcobé Garcia 05 February 2025
Tourism What do the elasticities of international tourism demand tell us about the growth of the tourism sector in Spain? David Cesar Heymann 05 February 2025
Tourism The tourism sector once again breaks records and consolidates its role as a driver of growth Pedro Álvarez Ondina 05 February 2025
Tourism Executive summary: The Spanish tourism sector: no signs of cyclical exhaustion Judit Montoriol Garriga 05 February 2025
Tourism Infographics. Caixabank Research forecasts for spain’s tourism sector in 2025 CaixaBank Research 05 February 2025
Financial markets Recent developments The Fed and the uncertainties about global growth condition the end of the year in the financial markets CaixaBank Research 17 January 2025