Artículos

La economía española sigue creciendo, pero el repunte de la inflación, la subida de los tipos de interés y el encarecimiento de la deuda pública plantean nuevos riesgos para su evolución.

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.