From fiscal strength to long-term sustainability: Spain’s next policy challenge

Letter from the Editors

Spanish economy

The Spanish economy’s growth cycle: Constraints and outlook through 2027

Spain’s economy continues to outperform the eurozone average, driven by robust domestic demand and immigration-fueled job creation. Yet, structural ...

ECB rates

Policy interest rates: The ECB’s strategic pause and medium-term outlook

With inflation near target and growth subdued, the ECB has paused after eight rate cuts. The balance between disinflation, wage pressure, and fiscal risk will ...

Fiscal sustainability

The macroeconomic drivers of fiscal sustainability

Spain’s debt ratio has fallen more than four percentage points since 2019, outperforming most euro area economies thanks to strong growth and favorable ...

Fiscal progress

Fiscal progress despite budget stalemate: Spain’s deficit contracts amid political gridlock

Despite operating without a new budget for two consecutive years, Spain has made notable progress in fiscal consolidation. Strong tax revenue growth and a ...

Public revenues

Public revenue in Spain: Strong momentum meets demographic headwinds

Tax receipts continue to surge on the back of job creation, corporate profits, and fiscal drag. Yet, the ageing population is quietly reshaping personal income ...

Spanish Banks

Spanish banks: Renewed strength and credibility in wholesale markets

Spanish banks have cemented their status as consistent and credible issuers in wholesale markets, reflecting stronger fundamentals and investor confidence, ...

Insurance sector

Spain’s insurance sector: Underpinning market confidence in the broader financial system

The Spanish insurance industry continues to demonstrate financial strength, solvency, and stable profitability, acting as a buffer for the broader financial ...

Regulation and Economic Outlook
Recent key developments in the area of Spanish financial regulation
Prepared by the Regulation and Research Department of the Spanish Confederation of Savings Banks (CECA)
Spanish economic forecasts panel: November 2025
Key Facts
Economic Indicators
Financial Indicators
Social Indicators