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On Spain


Afi is the leading consulting firm specialized in economics, banking and public finance in Spain. Originally set up in 1987 by a group of renowned academics that provided Spanish financial services institutions and non-financial corporations with insightful economic and financial analysis tailored to their needs.

A brochure with Afi credentials and a brief description of the main services targeted for foreign investors can be downloaded here.

Latest research & commentary

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Flash Notes

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Afi forecasts

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2024 2025 2026 2027
(*) Contribution to GDP growth
Source: Afi, INE
Real GDP 3,2 2,4 2,2 2,1
Final consumption 3,2 2,9 2,6 2,0
     Household 2,8 2,8 2,6 2,1
     Public Sector 4,1 2,9 2,6 1,6
Investment 3,0 3,7 1,8 2,0
     Capital goods 2,8 6,4 1,4 1,9
     Construction 3,5 3,3 2,4 2,1
         Housing 1,7 2,7 3,3 2,9
         Other construction 5,8 4,0 1,3 1,2
Domestic demand (*) 2,8 2,9 2,3 1,9
Exports 3,1 1,7 1,4 3,3
Imports 2,4 3,3 2,0 3,1
External demand (*) 0,3 -0,5 -0,1 0,2
CPI (annual average) 2,8 2,6 1,5 2,1
GDP deflator 3,1 2,6 2,2 2,1
Nominal GDP 6,2 5,0 4,4 4,3
Employment 2,2 2,0 1,6 1,3
Unemployment rate 11,3 10,5 10,3 10,1
EDP Public balance (% GDP) -2,9 -2,3 -2,1 -2,2
EDP Public debt (% GDP) 101,8 99,9 98,5 97,4
Current account (% GDP) 3,0 2,5 2,9 3,2
Afi economic climate monitor
Apr-14 May-14 Jun-14 Jul-14 Aug-14
YoY change, quarterly average (%)
(1) Indices
(*) Seasonally adjusted figures
Productive capacity utilization, % 77.0 74.1
Industrial production 1.4 2.2 2.1 2.2 1.3
Economic sentiment index (1) 102.5 101.4 101.8 104.0 103.4
Industrial confidence (1) -9.6 -9.3 -8.0 -7.4 -5.7
Services confidence (1) 11.6 8.4 6.4 12.5 7.0
Electricity consumption -0.3 0.1 0.6 0.8 0.8
Wholesales 2.5 2.9 1.7 2.8 1.8
Deflated retail sales -0.2 0.6 0.5 0.3 -0.2
Vehicle registration 10.2 12.1 14.3 15.7 14.9
Consumer confidence index (1) -8.3 -7.8 -6.7 -3.9 -7.7
Social Security registration 0.3 0.7 1.1 1.5 1.7
Deflated exports of goods 3.2 0.7 -1.9 -1.0 3.2
Foreign tourist arrival 7.1 8.6 6.7 7.2 5.0
Credit to private sector -7.6 -7.2 -6.9 -6.3 -5.9
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