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Italy – 2026-2027 Scenario: no worse, not yet better

2026-07-10

As a matter of fact, 2026 is off to a more promising start, despite a bout of turbulence on the international stage through March. Growth has proved more dynamic than expected. The carry-over for 2026 growth has been revised upwards, and first-quarter domestic demand remains robust, in both household consumption and investment. In such a volatile geopolitical environment, avoiding the worst has become cause enough for relief.

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Reindustrialisation – Regaining control of European value chains

2026-07-08

Control over industrial value chains now sits at the heart of competitiveness, technological leadership and strategic sovereignty for the world's leading economies. European reindustrialisation rests on three inseparable conditions: bold strategic choices, organised cooperation despite its contradictions, and a capacity for innovation closely linked to the industry. Exploring an industrial model based on the design and integration of complex systems is a key pillar for strengthening Europe’s position.

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Spain – 2026-2027 Scenario: strong domestic demand in a deteriorating global environment

2026-07-03

The Spanish economy continues to show relatively robust growth in the first half of 2026, supported by private consumption, investment and a dynamic services sector. However, the conflict between the United States and Iran is gradually undermining the macroeconomic environment, driven by rising energy prices, a slowdown in global trade and tighter financial conditions. Against this backdrop, domestic demand remains the main driver of economic activity, underpinned by a still-robust labour market, high savings rates and fiscal measures designed to cushion the impact of inflation. Exports of services also continue to play a stabilising role, particularly through tourism and digital activities. Despite these supportive factors, economic activity is expected to slow gradually over the coming quarters, whilst inflation is likely to remain persistently higher than anticipated at the start of the year.

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