Overview

• Governor José Luis Escrivá insisted during a congressional hearing that the Bank of Spain’s annual report was produced independently, rejecting claims of political influence.
• Ángel Gavilán stepped down as the bank’s director of economy, concluding his tenure with a technical briefing and declining to detail his reasons for departure.
• The bank cut its growth forecast to 2.4% for 2025 and 1.8% for 2026, warning of further downside if tariff-related uncertainty persists.
• It projected that future expansion will rest on internal demand—primarily household consumption and investment—as tourism, exports and public spending lose their previous momentum.
• Opposition parties PP and Vox accused Escrivá of manipulating the report to favour the government and criticised the issuance of fewer policy recommendations alongside a restructuring of the economics department.