Artículos
La economía española ante el repunte de la inflación y los tipos de interés
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.
Europe’s economy has learnt to absorb shocks. Can it become more dynamic and productive?
Autores:
Carnicero Urabayen, Carlos
Europe enters the autumn in better economic shape than might have been expected only a few months ago. US protectionism, geopolitical instability and another energy shock have all tested an economy that was already struggling with weak productivity and investment.
Population ageing and public finances: Spain’s tax revenue gap by 2040
Autores:
Romero-Jordán, Desiderio
A static simulation applying 2040 demographic projections to 2025 household tax data estimates that population ageing alone would reduce Spanish tax revenue by around 3.3% through its impact on personal income tax, social security contributions, and VAT. The decline reflects the shrinking weight of younger…
Spain’s 2025 sector accounts: Strong household balances, weak business investment
Autores:
Fernández Sánchez, Mª Jesús
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…
Loan portfolio profitability: Diversification and bundlingas structural levers
Spanish banks are entering a phase of margin normalisation after rate-driven income growth, with lending showing early signs of recovery across segments. Portfolio composition and the depth of customer relationships are emerging as the primary determinants of sustainable profitability.