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February 4, 2025
Social Security affiliation declined due to seasonal factors (-242,100), while unemployment increased (38,700). However, after adjusting for seasonality, the number of contributors rose by 35,800, and the unemployed fell by 25,800. The impact of the dana on the labor market appears to have fully reversed.
January 29, 2025
Activity grew again by 0.8% q/q in 4Q24, driven by domestic demand despite weak net external demand. GDP growth was supported by an increase in hours worked, as productivity declined. Overall, GDP expanded by 3.2% in 2024, exceeding forecasts.
January 28, 2025
Notwithstanding BBVA Research's assessment that widespread deportations are improbable and that significant deviations in migration trends —beyond those tied to economic cycles and labor demand— are unlikely, a chilling effect could nonetheless materialize.
January 28, 2025
Seasonally adjusted data shows a significant increase in both employment (0.8% q/q) and hours worked (1.2% q/q). The unemployment rate dropped to 10.8%, and the temporary employment rate decreased to 15.5%. In 2024, 471,700 jobs were created (2.2%), reducing the unemployment rate to 11.3%.
January 27, 2025
Artificial intelligence (AI) aims to transform a multitude of fields of knowledge, emerging as a general-purpose technology (GPT). In terms of productivity, economic growth, and the labor market, the effect of AI is limited at present, and there is extensive debate regarding its future impact.
January 20, 2025
Economic growth, inequality, and zero-sum thinking form a triangle that has shaped societies over the years. The historical transition from a subsistence economy to one of sustained growth has transformed social perceptions of wealth and how it is distributed.
January 14, 2025
Formal employment closed the year with an annual variation of 1.0%, well below expectations and the average of the last three years. Sectors such as manufacturing and construction performed poorly or negatively, playing key roles in this sharp slowdown.
January 13, 2025
Despite the high GDP growth rate of the Spanish economy (3.1% forecast for 2024) and a buoyant employment outlook (2.4% year-on-year growth in Social Security affiliation in December), the pension system has not yet managed to reduce its high structural deficit.
December 23, 2024
The Senate of the Republic approved a resolution mandating that minimum wages be adjusted annually, at least in line with inflation, to prevent the loss of purchasing power and benefit low-income workers.
December 23, 2024
The COVID-19 pandemic triggered an unprecedented disruption in economic activity in Spain. Although the recovery has returned to previous patterns in many respects, a detailed analysis of Spain's GDP and components reveals a more complex picture.
December 12, 2024
... with only 24.7 thousand new jobs, the lowest level in two decades, with an annual growth of 1.0%. The weakness in employment, expected by the end of the year, has been confirmed by the results, specifically in November, which recorded the second-lowest job creation since 1997.
December 9, 2024
It may well be negative in the short run, although it should be cushioned by the relatively low direct exposure of the Spanish economy to trade with the US. In the medium term, the outcome will be determined by the goals set by the new US President and the economic policy responses, both in the eurozone and in Spain.
