Economic Bulletin

1999 - 2025

From Banco de España
Contact information at EDIRC.
Bibliographic data for series maintained by Ángel Rodríguez. Electronic Dissemination of Information Unit. Research Department. Banco de España ().

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2025, issue 2025/Q2

Trends and developments in payments by Spanish consumers

Isabel Rodríguez Molina and Álvaro Esandi Erro

Food commodity production and imports in Spain and the EU: how much external autonomy is there?

Lucía Cuadro-Sáez, Javier Pérez and Francesca Viani

Food prices: developments and outlook

Nicolás Bonino-Gayoso, Lucía Cuadro-Sáez, Corinna Ghirelli, Matías Pacce and Isabel Sánchez

Adoption of artificial intelligence in Spanish firms: an initial analysis based on the Banco de España Business Activity Survey

Alejandro Fernández Cerezo, Ignacio Hidalgo and Mario Izquierdo

The impact of drought on agricultural production in Spain

Isabel Molina Vileya and Matías Pacce

2025, issue 2025/Q1

Some determinants of the post-pandemic weakness of household consumption

Carmen Martínez-Carrascal Martínez-Carrascal

Weak business investment in Spain following the pandemic: an analysis based on the Banco de España Business Activity Survey

Alejandro Fernández Cerezo, Sergio Puente and Rubén Veiga Duarte

Wage returns to education in the four largest European economies

Brindusa Anghel and Aitor Lacuesta

The Banco de España Business Activity Survey

Alejandro Fernández Cerezo and Mario Izquierdo

2024, issue 2024/Q4

A first approximation of the firm-level relationship between profit margins and business investment in the Spanish economy

Sergio Puente and Maristela Mulino Ríos

2024, issue 2024/Q3

The predictive power of house price imbalance indicators

Esther Cáceres

Public spending on defence, public order and safety in Spain and the European Union

Fernando López Vicente, Marta Rodríguez Vives and Juan Rojas

The impact of population ageing on Spanish labour market flows

Brindusa Anghel and Sergio Puente

Regional heterogeneity in recent inflation developments in Spain

Alejandro Fernández Cerezo, Matías Pacce and Isabel Sánchez

The impact of renewable energies on wholesale electricity prices

Javier Quintana González

Banco de España Business Activity Survey: 2024 Q3

Alejandro Fernández Cerezo and Mario Izquierdo

2024, issue 2024/Q2

Why a central bank’s bottom line doesn’t matter (that much)

Enrique Esteban García-Escudero and Luna Azahara Romo González

A disaggregated analysis of business investment since the outbreak of the pandemic

Miguel Ángel González-Simón, Blanca Jiménez-García and Carmen Martínez-Carrascal

Banco de España Business Activity Survey: 2024 Q2

Alejandro Fernández Cerezo and Mario Izquierdo

2024, issue 2024/Q1

The impact of monetary policy normalisation on secured money markets pp. 9 pages

Claudio Vela and Alicia Aguilar

Cash use, access and acceptance in Spain: An analysis drawing on the 2023 Study on Cash Use Habits

Lorena Barreiro, Laura Ferrando and Diana Posada

Recent developments in the oil market

Irma Alonso-Álvarez

The inflationary spike in Spain between 2021 and 2023: evidence from micro data

Eduardo Gutiérrez Chacón and Pau Roldan Blanco

Asymmetries in the transmission of energy price increases and decreases to underlying inflation in the euro area and Spain

Pablo Burriel Llombart, Florens Odendahl and Susana Párraga Rodríguez

Spanish and euro area households’ response to rising prices

Carmen Martínez Carrascal

The Banco de España Business Activity Survey: 2024 Q1

Alejandro Fernández Cerezo and Mario Izquierdo

2023, issue 2023/Q4

The post-pandemic inflationary episode in advanced economies: a historical perspective

Corinna Ghirelli, Teresa Sastre, Nicolás Bonino, Luis Alvarez and Daniel Santabárbara

Distributional accounts: a tool for monitoring the distribution of household wealth and debt components

Lucía Cobreros, Sandra García-Uribe and Marina Gómez-García

The Spanish economy’s greater resilience vis-à-vis the euro area in 2023: the role of sectoral composition

Alejandro Fernández Cerezo, Iván Kataryniuk and Francisco José Rodríguez

The health status of the retirement-age population: a first approach

Laura Crespo, Angela Denis and Juan Francisco Jimeno

Income and employment losses during the COVID-19 pandemic and the financial situation of households: evidence from the EFF

Laura Crespo, Marina Gómez-García, Pau Jovell, Blanca Rivera Garrido and Ernesto Villanueva

The potential global effects and transmission channels of a slowdown in Chinese growth

Irma Alonso Alvarez, Daniel Santabárbara and Marta Suárez-Varela

The Banco de España Business Activity Survey: 2023 Q4

Alejandro Fernández Cerezo and Mario Izquierdo

How do the revised National Accounts affect the interpretation of how the Spanish economy has fared since the pandemic?

José Luis Fernández, José González Mínguez, Mario Izquierdo and Alberto Urtasun

2023, issue 2023/Q3

Türkiye: macro-financial situation

Paula Sánchez, Alejandro Melgar and Pedro del Río

The energy dependency of the EU and Spain

Irina Balteanu and Francesca Viani

Recent changes in investment in Spain from a macroeconomic perspective

Pablo Aguilar, Corinna Ghirelli and Blanca Jiménez-García

Decentralised finance: the latest generation of crypto-assets

Sergio Gorjón

Recent developments in Spanish exports of non-travel services

Cesar Martin Machuca and Coral García

How natural gas demand has evolved in 2022-2023

María Matea Rosa

The recent strength of the labour market and its impact on workers’ consumption

Carmen Martínez-Carrascal

Spread between the euro short-term rate (€STR) and the deposit facility rate

Yasmina Santalla Pérez, María del Carmen Castillo Lozoya, Laura García Ramos and José María Arregui Gil

The regional dimension of the Banco de España Business Activity Survey

Alejandro Fernandez Cerezo and Mario Izquierdo

Some explanatory factors of the recent behaviour of goods exports

Coral García Esteban, Cesar Martin Machuca and Ana Gómez Loscos

Pass-through of rising production costs to the selling prices of non-financial corporations in 2022

Roberto Blanco, Dmitry Khametshin, Álvaro Menéndez Pujadas and Maristela Mulino Ríos

The impact of population ageing on the labour force participation rate in Spain

Pilar Cuadrado, José Manuel Montero, Alejandro Fernandez Cerezo and Francisco José Rodríguez

The 2023 European Semester and the Recovery and Resilience Facility

Daniel Alonso and María Matea Rosa

The road to net zero: the role of transition plans and forward-looking indicators in portfolio management

Clara Gonzalez and Elena Triebskorn

2023, issue 2023/Q2

Consumer food prices: recent developments in the euro area and Spain

Fructuoso Borrallo, Lucía Cuadro-Sáez, Matías Pacce and Isabel Sánchez

The real income channel and contractionary devaluations in a heterogeneous agent model for Latin America

Rodolfo Campos and Peter Paz

Recent developments in goods imports in light of certain determinants

Coral García Esteban, Ana Gómez Loscos and Cesar Martin Machuca

The Spanish economy and banking system’s exposure to material third countries

Erik Andres-Escayola, Juan Carlos Berganza, Begoña Lara and Elena Vidal

The Balance of Payments and International Investment Position of Spain in 2022

Pana Alves, Patricia Jiménez Martínez, Gregorio del Portillo Miguel and María Isabel Simón Gil

The role of loans and the ICAS BE in the Eurosystem’s collateral framework in 2023

Sergio Gavilá and Lola Morales

An analysis of the impact of the increase in social security contributions approved in 2023

Brindusa Anghel, Sergio Puente and Roberto Ramos

The accrual and use of the excess savings built up by Spanish households since the onset of the pandemic

Pana Alves and Carmen Martínez-Carrascal

The housing supply and demand mismatch and its relationship with house prices

Lucio San Juan

2023, issue 2023/Q1

The use of cash and other means of payment: how is the way we pay changing?

Laura Ferrando and Diana Posada

The spread of inflation from energy to other components

José González Mínguez, Samuel Hurtado, Danilo Leiva-Leon and Alberto Urtasun

The effectiveness of different asset types as a hedge against inflation

Alberto Fuertes Mendoza

The 2022 European Semester and the Recovery and Resilience Facility

Daniel Alonso and María Matea Rosa

Climate risk and credit supply in Spain

Roi Barreira and Julio Gálvez

Recent economic performance of Spanish SMEs and developments in their access to external financing according to the ECB’s half-yearly survey

Álvaro Menéndez and Maristela Mulino

Turkey: macro-financial situation

Paula Sánchez Pastor

The recovery of international tourism in Spain after the pandemic

Coral García Esteban, Ana Gómez Loscos and Cesar Martin Machuca

Pension expenditure in Spain: a European comparison

Miguel Ángel Martín and Roberto Ramos

January 2023 Bank Lending Survey in Spain

Álvaro Menéndez Pujadas and Maristela Mulino

The Recovery, Transformation and Resilience Plan and its macroeconomic impact from a sectoral standpoint

Alejandro Fernandez Cerezo, Enrique Moral-Benito and Javier Quintana González

Latin America and the Caribbean: trade relations in the face of global geopolitical fragmentation risks

Rodolfo Campos and Jacopo Timini

An analysis of hours worked per worker in Spain: trends and recent developments

Mª Pilar Cuadrado

Support measures in the face of the energy crisis and the rise in inflation: an analysis of the cost and distributional effects of some of the measures rolled out based on their degree of targeting

Esteban Garcia-Miralles

Government revenue in the wake of the pandemic. Tax residuals and inflation

Esteban Garcia-Miralles and Jorge Martínez Pagés

Recent changes in cross-regional convergence patterns

Iván Auciello and Sergio Puente

A supply-side GDP nowcasting model

Alejandro Fernandez Cerezo

The growth in permanent contracts and its potential impact on spending

Brindusa Anghel, Cristina Barceló and Ernesto Villanueva

Economic effects of a possible prolonged deterioration in the general health of the Spanish population

Samuel Hurtado and Mario Izquierdo