Spain: economic and political challenges ahead

Our latest CIO Special, 'Spain: economic and political challenges ahead', reviews the country’s economic performance so far this year as well addressing its economic and political uncertainty ahead of the upcoming general elections on July 23. We also look at the tasks that will face the incoming government, update our growth forecasts and detail the investment implications for different Spanish assets going forward.

We highlight the following:

The Spanish economy performed better than expected in H1 and we revise our growth forecast upwards for the full year 2023.
With high interest rates starting to take their toll, however, we expect weaker economic growth in 2024.
Following the general elections on July 23 the incoming government’s budget for 2024 is likely to contain fiscal adjustments, after several years of suspension of the European Stability Mechanism.

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Our CIO Special is now available to download. Please refer to the Important Information at the end of the report for disclosures and risk warnings.

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