Articles
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Economic profits and investment dynamics in Spanish non-financial corporations
5 February 2026
Spanish NFCs earned modest economic profits averaging 3% of output between 2000
and 2024, fluctuating from 4–5% before the 2008 crisis to near zero after the pandemic.
Investment closely followed the gap between these profits and the user cost of capital,
while the sector shifted toward producing internally rather than buying intermediate goods.
Autores: Salas Fumás, Vicente
Tags: Corporate profits
The drivers of business profitability in Spain: Size, sector and regional dynamics
Spanish business profitability has recovered to pre-crisis levels in line with the economic
cycle, but remains deeply uneven across firms, sectors, and regions. Differences in
productivity, firm size, and exposure to competition are some of the factors that explain the disparities in profitability levels.
Autores: Maudos, Joaquín
Tags: Business profitability
Private investment: The weak link in Spain´s expansionary phase
Despite strong growth and unprecedented EU funding, private investment in Spain has
failed to recover to pre-pandemic levels, reflecting a persistent gap between the country’s favourable macroeconomic conditions and corporate investment behaviour. Heightened uncertainty and structural impediments have limited the crowding-in effects of public investment, weakening incentives for firms to commit capital despite supportive financing
conditions.
Autores: Torres, Raymond
Tags: Spanish investment
Spanish banks across the 2020–2025 rate cycle: Divergent margin drivers between SIs and LSIs
Six years of rate fluctuation reveal distinct asset-liability management strategies across
Spanish banks. Funding costs drove margin gains during tightening, while asset yields
regained primacy as rates normalised, with significant divergence between SIs and LSIs.
Autores: Alberni, Marta, Berges, Ángel, Ciriza, Laura
Tags: Spanish banks
Europe’s trade stress test in 2026: coercion, alliances and the single market
28 January 2026
Trade sits at the intersection of Europe’s economic risks and its strategic opportunities. That was the starting point of the latest Future is Blue episode, where we spoke with Ignacio García Bercero, Bruegel Senior Fellow and former EU chief trade negotiator with the United States, and Miguel Ángel González-Simón, economist at Funcas.
Autores: Carnicero Urabayen, Carlos
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