Publications

Fiscal consolidation is expected to accelerate in the final quarter of the year, bringing the public deficit closer to 3.0% of GDP. Fiscal adjustment in 2025 and 2026 will depend on the implementation of the new fiscal rules and the effectiveness of tax measures.

The GDP growth for 2023 published today by the INE is consistent with the scenario published by BBVA Research, which anticipated that the leadership would be located in the island regions. However, forecast errors were higher in some regions, such as La Rioja, Madrid, Catalonia and Aragon.

The INE has today published the estimate of 2022 GDP growth by autonomous communities in Spain. The results show that the growth hierarchy was in line with what was pointed out by BBVA Research, which predicted greater strength in island and tourist communities, and less in industrial ones.

The crises of the last fifteen years have resulted in a sharp increase in regional debt, which has also conditioned its structure. The FLA provided access to financing at a time when the markets were closed on very favourable terms, and has become the main financing instrument for Regional Governments.

The INE has today published the first estimate of GDP growth for 2021 by Autonomous Community in Spain. As BBVA Research pointed out, the greatest dynamism was seen in the island and tourist regions. The Canary Islands, Navarre and the Basque Country surprised on the upside, while Castile and Leon surprised on the downside.

Central Government has authorized (approved and implemented) spending programs linked to the RRTP amounting to 43.7 billion euros, 83% of what was planned for 2021 and 2022. Of these, Central Government would have granted and awarded investment programs for more than 11.6 billion euros.

This observatory analyses how regional public accounts may evolve towards 2022, with the aim of assessing the situation in which Regional Governments will find themselves once the crisis is over. To this end, different scenarios are considered, starting with the closing of the 2020 accounts.

The process of urbanization of employment continued during the recovery (2013-2018). Both the degree of initial urbanisation and the relative importance of tourism and the hotel industries conditioned its evolution. In addition, sectoral changes in cities could be having implications for inequality