Consejeros

(Denny Muller. Unsplash)

28 Sept 2026

Spain reaches a fibre coverage of 95% and a penetration of 91%, but the health of the telecom sector still needs improvement

National Macroeconomics

Although in 2025 fibre represented 91% of active fixed broadband lines in Spain, the country ranks 16th out of 34 markets analysed in the first Global Telecom Health Index by Kearney, a new index that measures the health of the telecommunications sector on a global scale.
(Nasa)

25 Sept 2026

Global debt now exceeds $365 trillion, and 29 need refinancing before the end of the year

International Macroeconomics

The IIF warns that the combination of large budget imbalances and higher interest expenses has trapped governments in a "vicious circle", with no political will observed to correct the drift.
(Yuliya Matuzava, Unsplash)

25 Sept 2026

Spain's GDP grew by 0.7% quarter-on-quarter in the second quarter, one-tenth more than in the first quarter of the year

National Macroeconomics

Year-on-year growth was 2.6%, one-tenth less than the advance published in summer (Spain grows less than previously expected) and the same rate of variation as in the first quarter of the year.
(Carl von Blixen. PDM)

24 Sept 2026

Norges Bank raises rates to 4.5% while Riksbank keeps them unchanged but anticipates increases

International Macroeconomics

Norges Bank decided on Thursday to raise the official interest rate from 4% to 4.5%, considering it "necessary to tighten monetary policy for inflation to return to target within a reasonable timefram...
(© OCDE)

23 Sept 2026

OECD forecasts that Spain's GDP will grow more than twice that of the Eurozone in 2026

National Macroeconomics

In its Interim Economic Outlook Report, the institution estimates a GDP growth of 2.6% for Spain this year, four-tenths above its previous forecasts, below that of other European economies.
El Rin a su paso por Alemania. (Joshua Kettle, Unsplash)

23 Sept 2026

Low water levels in the Rhine and Danube strain European trade: some barges operate at up to 80% less capacity

International Macroeconomics

The historic drought threatens supply chains, energy, and industry in Europe. In early August, some barges navigating the Rhine could only transport about 20% of their usual capacity. In the Romanian stretch of the Danube, in some cases up to 40%.
(Ben Allan, Unsplash)

18 Sept 2026

The housing deficit in Spain will be corrected in at least eight years

National Macroeconomics

The housing deficit amounts to 740,000 homes and, according to the OBS Business School report, could be corrected in that time, provided record construction levels of more than 230,000 homes per year are achieved.
(Consejeros, imagen generada con IA)

16 Sept 2026

Funcas improves its growth forecast for 2026 to 2.5%, but worsens its inflation forecast

National Macroeconomics

The Funcas Panel has improved its GDP growth forecast for Spain for 2026 to 2.5%, as a result, it explains, of the "better than expected results in the second quarter of the year", and also, although ...
(Alex Kulikov, Unsplash)

15 Sept 2026

The inflation differential of Spain compared to its partners is widening alarmingly

National Macroeconomics

Today, the definitive CPI data for August in Spain has been released. The rise to +4.3% annually from the previous +3.6% "breaks any hint of price normalisation." The slight drop in the underlying rate to 2.9% is overshadowed by the brutal rise of the HICP, which climbs to 4.6%.
(ThisisEngineering, Unsplash)

14 Sept 2026

Spain will lose 1.8 million working-age people between 2030 and 2050, but will gain 4.8 million people over 64 years old

National Macroeconomics

An increasingly smaller base of workers will have to support a growing number of people over 64 years old, which will affect both the filling of vacancies in companies and the financing of the pension system. The response to this challenge can only be to mobilise all available talent.
9 Sept 2026

Spain fails to close its productivity gap

National Macroeconomics

An analysis by CGE and Fedea warns that the Spanish economy fails to converge with Europe in productivity due to business size, lower technological investment, and the training gap.
(Sebastian Sikora. CC BY 4.0)

2 Sept 2026

89% of Spanish companies see financial bureaucracy as the main brake on their growth

National Macroeconomics

According to the data from the Scaling Report 2026 prepared by Pleo, 94% of Spanish companies plan to continue with their expansion plans this year, although nearly nine out of ten will face internal obstacles to do so.
(Lojwe. CC BY-SA 4.0)

2 Sept 2026

The regularisation increases the number of unemployed by 44,400 people in August and softens the loss of contributors to 162,000

National Macroeconomics

Part of the regularised foreigners have registered for the first time in employment offices, while the decrease in affiliation has been less than in August of recent years thanks to the 340,000 contributors provided by the extraordinary process.
(iStrfry , Marcus, Unsplash)

1 Sept 2026

Mortgage loans for homes soar in June to 16-year highs with a historic average amount

National Macroeconomics

In June, mortgage loans grew by 10.8% year-on-year to 45,907, their best figure since 2010, while the average amount granted was 178,365 euros, a record figure. The mortgage market has not yet felt the ECB's rate hike.
9 Jun 2026

The lack of Budgets does not freeze spending, it allows the Government to increase it without accountability

National Macroeconomics

By Clemente Polo

It is believed that the Government must adapt its policies to the allocations assigned in the extended PGE, those of 2023. Nothing could be further from the truth. In fact, spending on "personnel" and "goods and services" grows by 13.8% and 11.7% in 2023-25. The lack of PGE does not freeze spending but allows the Government to increase it without accountability.
6 May 2026

How the Federal Reserve, the Bank of Japan, and the European Central Bank are balancing monetary and fiscal priorities

International Macroeconomics

In both the United States and Japan, monetary policy is expected to support fiscal policy, even when central banks have other plans in mind. Kevin Warsh, the vision of the newly appointed chair of the...
5 May 2026

War in Iran, a shot in the foot

International Macroeconomics

Every $10 of sustained increase in the price of a barrel reduces global growth by a tenth and raises inflation by between 0.3 and 0.5 points. If the crisis does not exceed 3 months, recession could be avoided, as happened in 2017, but half a hundred facilities have already been damaged (8 severely), affecting 40% of their production.
14 Apr 2026

Financial savings of Spanish families and strengthening of Pension Funds

National Macroeconomics

Ángel Martínez-Aldama (President of Inverco*) • Never before had Spanish households accumulated such a volume of financial assets: €3.32 trillion as of September last year. And deposits, which account...
13 Apr 2026

AGENTIC AI: From Co-Pilot to Autonomous Manager in Finance

National Macroeconomics

Agentic AI represents a qualitative change. It executes instructions, breaks down objectives into subtasks, consults sources, cross-references information, and adjusts its strategy based on intermedia...
13 Apr 2026

Demography: From Inertia to Change

International Macroeconomics

Declining birth rates and increasing life expectancy lead to an increasingly ageing population worldwide. Those over 65 will rise from the current 800 million to 1.6 billion by 2050. Since GDP is the ...
16 Mar 2026

Manage a “super-aged” society... come back tomorrow

National Macroeconomics

In Spain, official projections indicate that 30% of the population will be over 65 years old by 2039. Ten million people in our country are already over 65 years old. More than 20% of the population, ...
12 Mar 2026

The challenges of the dependency system in Spain

National Macroeconomics

“It is paradoxical that a country with one of the highest life expectancies in the world (Top 5 globally) and a constantly growing population of over 65s devotes such limited resources to their care. ...
10 Mar 2026

Changes in Capital Intensity

International Macroeconomics

The return on capital drives that of equities. And US companies, which had learned to grow using less capital, have changed the trend; in emerging markets, the opposite is true Text: Robert Almeida (M...
8 Mar 2026

Germany manages to grow again

National Macroeconomics

After the post-COVID recovery, Germany contracted in 2023 and 2024 (-0.9% and -0.5%) but managed to change the trend in 2025 (+0.2%) and all signs point to fiscal expansion gaining traction this year ...
10 Feb 2026

Ukraine: four years of war

International Macroeconomics

Clemente Polo || On 24 February, four years of conflict will have passed. Of propaganda and disinformation. Of an unjustifiable invasion that is easy to understand in light of the facts that the autho...

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