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Activity data reflect a negative balance for the last few months and, although inflation may have reached a turning point, this context of weak activity and rising prices poses a huge challenge for public policies.

This new Working Paper analyzes the trend in regional revenues and expenditure, including the sector’s budget balance and its debt position from 2003 through to the present day.

The European Central Bank (ECB) is preparing to raise interest rates in a bid to control inflation without triggering a recession. But can it control the consequences of its actions as we move forward?

Consumption continued its slowdown in March, despite the VAT-free day. Among the components, the slowdown was explained by services, with goods showing a slight advance. Nevertheless, the real growth rate remains high.

The short answer is everyone. Spain is a large importer of energy goods and commodities. Rising costs for these products results in a greater outflow of funds from our economy to the rest of the world.

Mass vaccination of the population and COVID-19 infection prevention measures have led to a considerable recovery of household spending, mainly in activities carried out in person and in contact with other people.

This Working Paper contains homogenized series of regional governments funding constructed on the basis of homogeneous competences at equal fiscal effort from 2002 to 2019.

Those sectors of the Spanish economy most dependent on the movement of people have been among the most severely hit by the COVID-19 crisis — in particular domestic and foreign tourism.

Household savings increased significantly during the second quarter of 2020, reaching 24.4% of gross disposable income. That is more than double the previous high seen in 2009. There are several reasons for this.

The origins of the country's recession lie not in the accumulation of imbalances in a certain market and the usual subsequent shift in demand, but rather in a pandemic and the restrictions enforced on the supply of goods and services to limit i…

The matching of GDP growth rates measured by expenditure components and that measured by production value has deteriorated consistently, and recently more sharply.

The fiscal package is sound in macroeconomic terms but introduces some microeconomic distortions. It is built on reasonable and market-aligned economic assumptions. Revenue and spending projections are conservative. As we expected, market reaction was slightly positive.