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February 26, 2024

Global | Oil price, possible tailwinds

The oil market remains at the center of the global spotlight. This has been the case for some months now due to the outbreak of the war between Israel and Hamas, a confrontation reminiscent of the most difficult moments of the oil market in the 1970s.

January 15, 2024

Global | Oil: An erratic 2023 is behind us, while an uncertain 2024 gets underway

In 2023, the price of Brent crude averaged USD 82.5, falling from over USD 100 in 2022, driven by the war between Russia and Ukraine, although its trend over the past year has been somewhat erratic and dominated by a wide array of events.

August 21, 2023

Global | The changing effects of demographics on inflation

According to our analysis, global demographic trends and, more specifically, the ongoing process of population aging are contributing to current inflationary pressures.

July 24, 2023

Global | Oil: the pulse between demand and supply

Having passed the halfway point of the year, it is important to reflect on the behavior of the oil market, and to take note of the lessons learned for the second half of 2023.

July 17, 2023

Spain | The slow recovery in investment

In 1Q23, Spain recovered the GDP level of 4Q19, just before the COVID-19 crisis. The reasons for taking longer to do so than most European Union (EU27) countries are several, but an important one in terms of its implications is the slow recovery in investment.

June 30, 2023

Spain | Inflation does not merit these rates

Inflation was bound to fall. As we look ahead, one of the main risks to economic activity in Spain may be that monetary policy will be too restrictive as inflation relents.

June 19, 2023

Spain | What is happening to investment?

The country's fixed capital accumulation is 5% below pre-pandemic levels, but the aggregate masks higher lags in some components.

May 16, 2023

Global | The future of interest rates: not just in the hands of the central banks

The end of the pandemic also marked the end of more than a decade of near-zero interest rates, fueled by ample liquidity from central banks.

April 12, 2023

Spain | The new leaders of the pack

In 2022, Spanish GDP growth again outstripped the eurozone average. Moreover, import prices rose further, enabling the country to maintain its current account surplus and therefore reduce its reliance on external funding.

March 13, 2023

Global | Growth is not dead; long live growth?

Following the outbreak of the war in Ukraine, over the past year, the perception that an economic recession was inevitable in the short term has built up. However, the signs of a recession are now few and far between.

March 6, 2023

Global | Oil in 2023: tight market and prices still high

We will see a very tight market throughout 2023, despite what is likely to be a significant economic slowdown due to various shocks, following the trend seen in recent years.

February 27, 2023

Europe | Pressure eases on natural gas

The energy price situation has turned out better than expected, after it became clear that there would be no gas shortage this winter, partly due to the moderate temperatures. Even so, the natural gas market will remain under strain at least through 2024.