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The Valencian Community maintains high growth but faces a slowdown due to less momentum in services (both tourism and other sectors) and the gradual exhaustion of support measures following the DANA.

The EU-Mercosur agreement presents a favorable scenario for growth, investment, and trade. Spain maintains a strategic link that sits above the European average, driven by business investment and the supply of key inputs.

Mexico’s economy grew just 0.6% in 2025. A 1.3% drop in secondary activities was partly offset by gains in the primary sector (4.2%) and services (1.5%). The report analyzes the 46.8% surge in computer and electronics exports and the 13 Economic Development Poles (Polos de Desarrollo Económico para el Bienestar).

The Balearic Islands maintain strong growth but face a slowdown amid weaker tourism and structural constraints. Employment and domestic demand support growth, while housing, productivity and capacity constraints persist.

In the third week of February, the recovery in spending across the affected Andalusian provinces consolidated following improved weather conditions and the reopening of the Madrid–Andalusia railway line. Consumption accelerated and, in many cases, outpaced growth in the rest of Spain.

In the second week of February, in-person spending in the affected Andalusian provinces almost fully reversed the negative impact of heavy rainfall and flooding. However, tourism-related spending, both foreign and interprovincial, continues to show weakness due to the ongoing railway disruption with Madrid.

In 2026, the World Cup, the USMCA review, and ties with the U.S. will place Mexico under global scrutiny. Tourism will be the first test: the visitor experience will determine whether the impact is fleeting or structurally transformative.