Key View

• Spanish households' food spending patterns have gradually changed as changing workforce dynamics, smaller households and greater accessibility to supermarkets makes convenience a major driving force of food spending. Ready-made meals have established themselves as a top spending item for Spanish households.
• Dairy has seen its

Key View: We hold a more reserved outlook for the Spanish consumer sector over 2023. A wider economic slowdown will feed into weaker consumer spending figures leading to further delays to the Covid-19 recovery in spending. However, recent high frequency data is beginning to show optimism across the board, suggesting that consumers are now beyond

Key View

• While we remain of the view that the opposition PP will emerge victorious in the upcoming local (May 28 2023) and general (must be held before December 10) Spanish elections, polls suggest that the incumbent socialist party-led government has received a slight popularity boost, following rapidly decelerating inflation in February and

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• Telecoms infrastructure operators are one of the biggest energy consumers worldwide.
• The rise in global energy prices and the cost of debt are impacting balance sheets pushing telco operators to implement saving mechanisms including legacy decommissioning.
• Implementation of more energy efficient infrastructure is benefitting

Key View

• We at Fitch Solutions forecast that the Spanish current account balance will shift from a surplus of 1.0% of GDP in 2021 to a deficit of 0.4% in 2022, marking the first deficit since 2011.
• The deterioration will be driven by a negative terms of trade shock linked to Europe’s ongoing energy crisis, which will not be fully offset by a

Key View

• Orthopaedic and dental products will drive the post-Covid recovery for Spain’s medical devices market.
• The consumables and other medical devices markets will continue to dominate Spain’s imports and exports.
• The new State Centre for Public Health in Spain indicates increased demand for preventive and diagnostic healthcare services

Key View

• Spain’s pharmaceutical industry calls for reform as the country lags behind regional peers in access to innovative medicines.
• The country’s complex and recently modified HTA system will continue to incur delays if its not updated.
• While Spain’s strong emphasis on encouraging innovation will incentivise them to address the proposed

Key View

• We now hold a downbeat outlook for Spanish vehicle sales in 2022 given the persistently high inflationary pressures that will erode demand for new vehicles as consumer and business confidence levels wane.
• The ongoing supply chain challenges automakers are facing due to a global shortage in semiconductors will limit the ability of

Key View

• Spain’s medical device market will continue on a steady trajectory post-Covid, with consistent mid-single-digit growth expected over the coming years.
• Surgical backlogs in Spain will put some pressure on the healthcare system to meet demand, but opportunities are presented to medical devices companies to supply materials and devices