In Spain

poverty

European Commission warns Spain it is in “critical situation” with 25.8% of population at risk of poverty

The European Commission yesterday pointed to the Spanish Government as one of the two in the European Union (along with Belgium) that has not sent a budgetary plan to Brussels (in fact, Spain has been without a Budget since 2023, from the previous legislature) and warned of a “critical situation” with 25.8% of the population at risk of poverty. At the same time, it warns Spain that it runs the…


utilities electricas 1

Limitations in electricity grid hinder new connections and Spain’s potential to become industrial hub

Morgan Stanley | Spain has stood out in the eurozone for its solid economic performance, with GDP growth exceeding that of its peers and a particularly strong post-pandemic recovery. This dynamism has sparked greater investor interest, which is reflected in the Ibex being close to historic highs and very tight spreads against Germany. Although a gradual slowdown is expected (2.9% annually in 2025 and 2.4% annually in 2026), potential growth…


Exports

External Slowdown: Exports Suffer by September and Imports Soar

Luis Alcaide | As previously anticipated, the composite indicator of export activity, as well as the order book for Spanish exporters, has been confirmed, with the nascent decline in sales during the third quarter of 2025 now materialized. According to the Exporters and Investors Club (Club de Exportadores e Inversores), the COMEX data on Spain’s foreign trade up to September 30, published on November 20, “confirm the stagnation of Spanish…


Montero

Government Offers 11% Salary Increase for 2025–28

The Secretary of State for Public Function, Consuelo Sánchez Naranjo, formally offered the trade unions a salary increase of 10% on Wednesday, covering the period from this year (2025) until 2028. A day later, to overcome resistance and after consulting with the Treasury, she raised the offer to 11%, which, according to the UGT union, is actually 11.5%. This averages out to almost 3% annually over four years, while the…


Judges

Supreme Court Convicts State Attorney General for Revelation of Secrets

Yesterday, the Supreme Court’s ruling was announced, condemning the Attorney General of the State, Álvaro García Ortiz, to two years of disqualification from office and the payment of a fine to the aggrieved party for “revelation of a secret.” The aggrieved party is González Amador, the romantic partner of the President of the Community of Madrid. The process has monopolized Spanish press headlines for months, featuring the unusual image of…


wholeshale electricity market

Transition ministry calls for 7% remuneration for electricity networks, in line with industry demands

Banco Sabadell | According to press reports, the Ministry of Energy Transition, in its report on the CNMC’s proposal for the financial remuneration rate (TRF in its Spanish initials) for electricity networks, considers that the TRF should rise to just over 7% (against the announced 6.58%) due to the introduction of risk in investments. This consideration would be in line with the sector’s demands (7/7.5%), while also pointing out errors…


property market

Number of house sales in Spain rises 3.8% year-on-year in September to 63,794 transactions

Link Securities | According to data from the Property Rights Transfer Statistics (ETDP) published by the National Statistics Institute (INE), in September the number of home sales in Spain increased by 3.8% year-on-year to 63,794 transactions, the highest figure for a month of September since the series began in 2007. Thus, up to September (9M2025), the number of home sales transactions has accumulated a year-on-year growth of 14.4%. It should…


AirefCristinaHerrero

AIReF Accuses Government of Trying to Conceal Pension Gap by Filling “Piggy Bank” with Debt

Cristina Herrero, President of the Independent Authority for Fiscal Responsibility (AIReF), yesterday criticized the Government for filling the ‘pensions piggy bank’—known as the Reserve Fund—based on taxes and debt, that is, with transfers and loans from the State. The latest loan, for €10 billion, was made this very month of November to cover the extraordinary annual payment. Total pension spending stands at €15.6 billion per month (around 218 billion annually),…


Spain's banking sector

Spanish Public Debt Grows at Annual Rate of 4.5% and Hits New Record of €1.71 Trillion

According to preliminary data published by the Bank of Spain (BdE), the outstanding balance of Spanish Public Administrations’ debt stood at €1.710 trillion in September, representing a 4.5% increase year-on-year, while the increase compared to August was 0.1%. The September figure marks a new historical record. The BdE reported that in September, central government debt grew by 4.6% year-on-year, reaching €1.558 trillion, which represents 94% of GDP. For their part,…


The returm of migration to Spain

Spain is Doing Well… Spaniards, Not So Much

Fernando González Urbaneja | “Spain is doing well” was the slogan that President Aznar used to characterize his eight-year term (1996-2004), spanning the turn of the century. The data supported his claim. Pedro Sánchez now resurrects Aznar’s proposition and insists in all his speeches that Spanish society is better off today than when he took office in mid-2018. Some data supports his thesis, while others contradict it. The Spanish economy…