“With a not too gloomy fiscal outlook threatened, that yes, in the medium term. Hence their recommendations on the viability of pensions”.
“The manufacturing PMI data for the eurozone compiled by S&P Global and Hamburg Commercial Bank fell in November to 49.6 points, below the 50 points from the previous month (above 50 points indicates expansion and below indicates contraction). By country, Germany stands at 48.2 and France at 47.8 while Spain records 51.5 and Italy 50.6”. The entry of new orders in the manufacturing sector is increasing in the two southern European countries, suggesting that their production will expand in the coming months. The OECD, for its part, does not limit itself to the evolution of the manufacturing sector, but analyses the Spanish economy in detail, without forgetting international references. Indeed, while the global economy has shown its resilience despite tariffs and political uncertainty, the OECD emphasises that the Spanish economy has advanced at a faster pace than the rest of the developed countries. With a growth of 2.9% in 2025, and a forecast of 2.2% in 2026. It also expresses concern about the rise in stock prices in the not unlikely event of a loss of confidence in the profitability of AI.
In the case of Spain, the OECD insists on the continuous progress and resilience of its economy. Growth that, however, would be decreasing without the activity declining and maintaining fiscal sustainability. Indeed, the Spanish public deficit in relation to GDP, including the cost of the DANA (0.25% of GDP) and defence spending (2% of GDP), will continue to decrease thanks to a superior advance in tax collection and a consolidation of public spending, alongside an improvement in the tax base due to an increase in employment, higher wages and the introduction of a global minimum tax of 15% on multinational companies. A not too gloomy fiscal outlook threatened, that yes, in the medium term. Hence the OECD's recommendations regarding the viability of the pension system. In any case, the OECD confirms that in Spain, economic activity accelerated in 2024, accompanied by a decrease in inflation, and predicts a moderate alarm amid a risky international environment. Indeed, a GDP advance of 2.9% in 2025 -following a growth of 3.5% in 2024- and economic activity that did not decline in the third quarter of 2025. The labour market has maintained a growing advance in employment, 2.5% year after year, supported by immigration while unemployment fell to 10.5% of the active population; at the same time, the number of job vacancies increased while unemployment benefits and temporary incapacity benefits improved. On the other hand, the Recovery, Transformation and Resilience Plan has been a strong support for businesses and private investment. Looking to the future, the OECD invites authorities to continue supporting businesses, relaxing the regulation of economic activity and improving the efficiency of all levels of administration, central, regional and local. According to the OECD report, Spaniards should ask ourselves why we are not proud of our economic performance in these difficult years.♦
