Publications

Public finances could achieve a balanced primary budget this year, marking an important step toward sustained debt reduction. However, part of this improvement is due to cyclical causes. In addition, the possible slowdown in the economy and lower inflation work against this reduction.

Catalonia will maintain solid growth of 3.1% in 2025 despite the European slowdown, supported by investment, job creation, and easing inflation.

Growth above the national average: Andalusia's GDP will advance by 3.2% in 2025, moderating to 2.3% in 2026, but remaining above the historical average.

The labor market is closing 2025 with a combination of good news and structural challenges that persist. The latest data confirm a sustained expansion in employment, which does not prevent a significant gap in employment and unemployment rates from continuing to exist.

Carbon capture, utilization and storage (CCUS) can be a strategic opportunity to decarbonize Spain’s industry, boosting its competitiveness and helping meet climate goals. Spain should deploy a strategy that aligns regulations and incentives to support industrial innovation.

In 2025, Navarre's GDP could grow by 2.4%, and this growth is expected to continue in 2026. Looking ahead, economic activity will be marked by high uncertainty surrounding economic and trade policy and the slow recovery in Europe.

Spain needs more housing, but investment in the sector is not taking off, largely because it is not profitable; even though margins have recovered, developers face years-long construction timelines, keeping assets (land) on their balance sheets without generating revenue.