To limit the cost of credit, the Government is using the APR (Annual Percentage Rate) as a reference, as this indicator reflects the final price paid by the customer, including all expenses associated with the loan. The APR offered by financial institutions may not exceed a specific maximum level, which will be set based on the average consumer credit rate published by the Bank of Spain, plus a margin depending…
Spain’s primary issue with the EU’s Next Gen funds is its low actual execution rate. The latest figures compiled by the General Comptroller of the State Administration (IGAE), closed as of November 2025, report that payments effectively made stand at less than €4.8 billion this year—representing only 27% of the total amount budgeted for the fiscal year. However, the bulk of direct EU transfers has already been disbursed, making it…
CdM | The Consumer Price Index (CPI) stood at 2.9% in the last month of the year, representing a moderation of one tenth of a percentage point in the year-on-year rate thanks to the fall in fuel costs, according to data released on Tuesday by the National Statistics Institute (INE). Inflation thus closed 2025 with an average of 2.7%, one tenth of a percentage point below the previous year. Specifically,…
CdM | Retail sales in November rose by 3.7% year-on-year, which is seven tenths of a percentage point below the previous month’s rate, according to data provided by the National Statistics Institute (INE). This marks the 17th consecutive month of growth in turnover. At constant prices, adjusted for seasonal and calendar effects, retail sales in November were up 6% on the same month last year. This rate was 2.1 points…
Singular Bank | According to the INE, in Q3 2025, our country’s GDP moderated its growth rate slightly to 0.6% in quarterly terms, after standing at 0.7% between April and June. Meanwhile, in year-on-year terms, the pace of growth in Spanish economic activity slowed by 0.1 pp to 2.8%, its lowest rate in almost two years. This trend can be explained by the moderation of the year-on-year contribution of final…
The Government has already agreed with Brussels on a new scenario of milestones and targets so that Spain can access all the remaining direct aid from the Recovery Plan. What is at stake is the way to capture and execute the nearly €24.7 billion in outstanding non-reimbursable funds before the opportunity expires in August of next year. After several weeks of intense negotiations with the European Commission, the Ministry of…
NEO NEXT Energy, HitecVision and Repsol’s joint venture, today announces a strategic deal with TotalEnergies’ to merge their UK offshore oil & gas production businesses. The transaction Will cement NEO NEXT’s position as the leading operator and producer in the UK Continental Shelf (UKCS) with an expected 2026 production of over 250,000 barrels of oil equivalent per day. Upon completion, the combined company will be known as NEO NEXT+. Under…
CdM | The Spanish manufacturing sector extended its growth trajectory in November, albeit at a slightly slower pace, according to the PMI index. Therefore, ‘Spain appears to be converging with the dynamics of the eurozone as a whole’. Specifically, the seasonally adjusted PMI index for the Spanish manufacturing sector stood at 51.5 in November. This figure was lower than the 52.1 recorded in October and therefore indicates a slower pace…
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…
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…