The Spanish economy maintains solid growth, according to the latest report from the Bank of Spain —“Macroeconomic Projections and Quarterly Report on the Spanish Economy” for June— although domestic demand shows signs of moderation.
For 2026 and 2027, activity growth is projected at 2.3% and 1.7% respectively, unchanged from the March forecasts.
The inflation rate, for its part, is revised upwards due to the energy shock and would be at 3.6% in 2026 and 2.6% in 2027.
The growth of activity in the euro area is revised downwards to 0.8% in 2026 and 1.2% in 2027, while inflation is revised upwards and would be at 3% this year and 2.3% next year.
The international context continues to be dominated by high energy commodity prices and considerable geopolitical uncertainty associated with the conflict in the Middle East, although the recent peace agreement has reduced the likelihood of new escalation episodes and has favored a certain improvement in the outlook for energy markets.