CARGA_INICIAL_VIDEOS_20200602
The ceasefire between the United States and Iran pushed oil and gas prices closer to
pre-conflict levels, easing inflationary pressures on the Spanish economy. However,
the withdrawal of fuel tax relief and persistently high services inflation mean that overall inflation will normalize more slowly than energy markets.
Spanish households maintained sound balance sheets in 2025, continuing to generate a net lending surplus even as the savings rate declined and real purchasing power grew only modestly. Non-financial corporations again ran a surplus and saw financial asset revaluations, but business investment remained below pre-pandemic levels, widening a capital gap relative to the eurozone.
En este trabajo se analiza la evolución de las cuentas de los hogares y de las empresas no financieras en 2025 a partir de las Cuentas no Financieras de los Sectores Institucionales, estadística elaborada por el INE conforme a la metodología y los conceptos de la Contabilidad Nacional.
The conflict in the Middle East has renewed inflationary pressures in Spain through higher energy and commodity prices, further weakening a growth outlook already strained by rising trade tensions. Domestic demand remains strong for now, but a prolonged closure of the Strait of Hormuz would push Europe closer to recession and inevitably also weigh on the Spanish economy.
