About us
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
- Spain Weekly
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We are raising our 2023 forecasts for headline and core inflation to 4.9% and 6.6% annual, respectively
03.17.23 - Notes on Spain Public finance
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2023 budget preview: expansionary budget focused on social spending and investment, with collection dynamics slowing
10.07.22
Economy
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The Spanish economy slowed down in Q3, growing by 0.2% quarter-on-quarter, due to the sharp deterioration in external demand
10.28.22 - No other information.
- Banking
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Earnings scenarios
07.23.21 - Political Risk
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Catalan elections: different faces, same stalemate
02.12.21
Flash Notes
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01.27.23
Spanish economy grows 5.5% in 2022, but domestic demand plummets in the last quarter of the year
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01.28.22
Spanish economy grows 5% in 2021, but consumption slackens in the last quarter of the year
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05.21.20
Treasury funding outlook: revised plan and financing options
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05.04.20
GDP falls 5.2% in 1Q20, anticipating the debacle we will see in 2Q
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12.20.18
New policy measures will push wages higher in 2019
Afi forecasts
| 2020 | 2022 | 2023 | |||
|---|---|---|---|---|---|
| 0 | |||||
| 0 | |||||
| 0 | -11,3 | 5,5 | 1,3 | ||
| 0 | -8,4 | 2,8 | 1,0 | ||
| 0 | -12,4 | 4,4 | 1,2 | ||
| 0 | 3,5 | -0,9 | 0,4 | ||
| 0 | -9,7 | 4,3 | 3,1 | ||
| 0 | -13,3 | 3,8 | 2,9 | ||
| 0 | -10,2 | 4,2 | 3,0 | ||
| 0 | -11,4 | 2,7 | 3,7 | ||
| 0 | -8,7 | 6,1 | 2,2 | ||
| 0 | -9,1 | 2,8 | 1,4 | ||
| 0 | -19,9 | 14,9 | 3,4 | ||
| 0 | -14,9 | 7,7 | 3,9 | ||
| 0 | -2,2 | 2,6 | -0,1 | ||
| 0 | -0,3 | 8,4 | 4,3 | ||
| 0 | 1,1 | 4,6 | 4,3 | ||
| 0 | -10,3 | 10,1 | 5,6 | ||
| 0 | -2,9 | 3,1 | 0,5 | ||
| 0 | 15,5 | 12,9 | 13,1 | ||
| 0 | -11,0 | -4,9 | -3,7 | ||
| 0 | 120,0 | 113,1 | 114,2 | ||
| 0 | 0,8 | 0,6 | -0,5 | ||
| 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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