Investment and productivity in an era of change and uncertainty

Letter from the Editors

Spanish investment

Private investment: The weak link in Spain’s expansionary phase

Despite strong growth and unprecedented EU funding, private investment in Spain has failed to recover to pre-pandemic levels, reflecting a persistent gap ...

Corporate profits

Economic profits and investment dynamics in Spanish non-financial corporations

Spanish NFCs earned modest economic profits averaging 3% of output between 2000 and 2024, fluctuating from 4–5% before the 2008 crisis to near zero after ...

Business profitability

The drivers of business profitability in Spain: Size, sector and regional dynamics

Spanish business profitability has recovered to pre-crisis levels in line with the economic cycle, but remains deeply uneven across firms, sectors, and ...

AI impact

AI´s impact on productivity and market dynamics

Artificial intelligence promises major efficiency gains but may also reinforce industrial concentration, labour market polarization, and stock market ...

Generative AI

Generative AI and the future of work and education

Generative AI is reshaping labour markets primarily by reorganizing tasks within occupations rather than eliminating jobs outright, with uneven effects on ...

Corporate finance

Rebuilding momentum in Europe’s IPO pipeline

IPO markets remain subdued in Europe despite strong secondary-market performance and private equity dynamism. Structural fragmentation, compliance burdens, and ...

Spanish Banks

Spanish banks across the 2020–2025 rate cycle: Divergent margin drivers between SIs and LSIs

Six years of rate fluctuation reveal distinct asset-liability management strategies across Spanish banks. Funding costs drove margin gains during tightening, ...

Shadow banking

Shadow banking and financial stability in an era of private credit

The rapid expansion of non-bank financial institutions is reshaping the geography of financial risk in Europe and globally. High leverage, liquidity ...

Soverign debt

Structural adjustments and stability in European sovereign debt markets

European sovereign debt markets are undergoing significant structural shifts that simultaneously reduce demand and increase supply. Yet pricing stability has ...

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: January 2026
Funcas Economic Trends and Statistics Department
Key Facts
Economic Indicators
Financial Indicators
Social Indicators