CINXE.COM

<!DOCTYPE html><html lang="en" dir="ltr" prefix="content: http://purl.org/rss/1.0/modules/content/ dc: http://purl.org/dc/terms/ foaf: http://xmlns.com/foaf/0.1/ og: http://ogp.me/ns# rdfs: http://www.w3.org/2000/01/rdf-schema# schema: http://schema.org/ sioc: http://rdfs.org/sioc/ns# sioct: http://rdfs.org/sioc/types# skos: http://www.w3.org/2004/02/skos/core# xsd: http://www.w3.org/2001/XMLSchema# "><head><meta charset="utf-8" /><link rel="canonical" href="https://www.caixabankresearch.com/en/economics-markets" /><meta name="robots" content="index, follow" /><link rel="image_src" href="https://www.caixabankresearch.com/themes/custom/cbr_theme/src/images/header_logo.jpg" /><meta property="og:site_name" content="CaixaBank Research" /><meta property="og:url" content="https://www.caixabankresearch.com/en/economics-markets" /><meta property="og:title" content="Economics & Markets" /><meta property="og:image:url" content="https://www.caixabankresearch.com/themes/custom/cbr_theme/src/images/header_logo.jpg" /><meta name="Generator" content="Drupal 9 (https://www.drupal.org)" /><meta name="MobileOptimized" content="width" /><meta name="HandheldFriendly" content="true" /><meta name="viewport" content="width=device-width, initial-scale=1.0" /><link rel="icon" href="/themes/custom/caixabank/favicon.ico" type="image/vnd.microsoft.icon" /><link rel="alternate" hreflang="ca" href="https://www.caixabankresearch.com/ca/economia-i-mercats" /><link rel="alternate" hreflang="es" href="https://www.caixabankresearch.com/es/economia-y-mercados" /><link rel="alternate" hreflang="en" href="https://www.caixabankresearch.com/en/economics-markets" /><script src="/sites/default/files/google_tag/google_tag_manager_prod/google_tag.script.js?sngjyq" defer></script><title>Economics & Markets | CaixaBank Research</title><link rel="dns-prefetch" href="//www.googletagmanager.com/" ><link href="https://www.googletagmanager.com/gtm.js?id=GTM-WJ23CKP" rel="preload" as="script"><link rel="stylesheet" media="all" href="/sites/default/files/css/css_cqGD0SNoF-ry-cl7oS5g4A4S4x3SvZpMrCXL-Y1Zdrw.css" /><link rel="stylesheet" media="all" href="/sites/default/files/css/css_4jJSIIn4mGTtpyang-EYQXEuaznom8gHEP5XlkrJbHY.css" /></head><body class="role-anonymous path-taxonomy term-3"> <a href="#main-content" class="visually-hidden focusable"> Skip to main content </a> <noscript><iframe src="https://www.googletagmanager.com/ns.html?id=GTM-WJ23CKP" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript><div class="dialog-off-canvas-main-canvas" data-off-canvas-main-canvas><div id="side-navigation"><div class="sidebar_navigation"><div class="container"><div class="sidebar-wrapper"> <nav role="navigation" aria-labelledby="block-caixabank-navegacionprincipal-sidebar-menu" id="block-caixabank-navegacionprincipal-sidebar"><h2 class="visually-hidden" id="block-caixabank-navegacionprincipal-sidebar-menu">Navegaci贸n principal</h2><ul class="menu menu-level-0"><li class="menu-item"> <a href="/en" data-drupal-link-system-path="<front>">Home</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"></div></li><li class="menu-item menu-item--expanded menu-item--active-trail"> <a href="/en/economics-markets" data-drupal-link-system-path="taxonomy/term/3" class="is-active">Economics & Markets</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"><ul class="menu menu-level-1"><li class="menu-item"> <a href="/en/indicators-and-forecasts" data-drupal-link-system-path="taxonomy/term/42">Indicators and forecasts</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/recent-developments" data-drupal-link-system-path="taxonomy/term/21">Recent developments</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/activity-growth" data-drupal-link-system-path="taxonomy/term/993">Activity & growth</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/inflation" data-drupal-link-system-path="taxonomy/term/11">Inflation</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/commodities" data-drupal-link-system-path="taxonomy/term/6">Commodities</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/labour-market-demographics" data-drupal-link-system-path="taxonomy/term/12">Labour market & demographics</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/financial-markets" data-drupal-link-system-path="taxonomy/term/4">Financial markets</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/monetary-policy" data-drupal-link-system-path="taxonomy/term/5">Monetary policy</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/public-sector" data-drupal-link-system-path="taxonomy/term/14">Public sector</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets" data-drupal-link-system-path="taxonomy/term/3" class="is-active">View all about Economics & Markets</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li></ul></div></li><li class="menu-item menu-item--expanded"> <a href="/en/sectoral-analysis" data-drupal-link-system-path="taxonomy/term/15">Sectoral analysis</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"><ul class="menu menu-level-1"><li class="menu-item"> <a href="/en/sectoral-analysis/agrifood" data-drupal-link-system-path="taxonomy/term/16">Agrifood</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/banking" data-drupal-link-system-path="taxonomy/term/17">Banking</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/retail" data-drupal-link-system-path="taxonomy/term/1073">Retail</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/consumption" data-drupal-link-system-path="taxonomy/term/1075">Consumption</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/digitalisation" data-drupal-link-system-path="taxonomy/term/1079">Digitalisation</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/industry" data-drupal-link-system-path="taxonomy/term/1074">Industry</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/real-estate" data-drupal-link-system-path="taxonomy/term/19">Real Estate</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/tourism" data-drupal-link-system-path="taxonomy/term/20">Tourism</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis" data-drupal-link-system-path="taxonomy/term/15">View all about Sectoral analysis</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li></ul></div></li><li class="menu-item menu-item--expanded"> <a href="/en/geographical-areas" data-drupal-link-system-path="taxonomy/term/211">Geographical areas</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"><ul class="menu menu-level-1"><li class="menu-item"> <a href="/en/areas-geograficas/spain" data-drupal-link-system-path="taxonomy/term/212">Spain</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/areas-geograficas/portugal" data-drupal-link-system-path="taxonomy/term/213">Portugal</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/areas-geograficas/international" data-drupal-link-system-path="taxonomy/term/792">International</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/geographical-areas" data-drupal-link-system-path="taxonomy/term/211">View all about Geographical areas</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li></ul></div></li><li class="menu-item menu-item--expanded"> <a href="/en/publications" data-drupal-link-system-path="taxonomy/term/43">Publications</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"><ul class="menu menu-level-1"><li class="menu-item"> <a href="/en/publicaciones/monthly-report" data-drupal-link-system-path="taxonomy/term/48">Monthly Report</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/pulso-economico-semanal" data-drupal-link-system-path="taxonomy/term/52">Pulso Econ贸mico Semanal</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/financial-markets-daily-report" data-drupal-link-system-path="taxonomy/term/47">Financial Markets Daily Report</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/notas-breves-actualidad-economica-y-financiera" data-drupal-link-system-path="taxonomy/term/51">Notas Breves de Actualidad Econ贸mica y Financiera</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/monitor-consumo" data-drupal-link-system-path="taxonomy/term/1044">Monitor de consumo</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publications/sectoral-reports" data-drupal-link-system-path="taxonomy/term/50">Sectoral Reports</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publications/spains-macroeconomic-financial-outlook" data-drupal-link-system-path="node/2616">Spain's Macroeconomic & Financial Outlook</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/autonomous-community-profiles" data-drupal-link-system-path="taxonomy/term/1086">Autonomous Community Profiles</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publications/portugals-macroeconomic-financial-outlook" data-drupal-link-system-path="node/2617">Portugal's Macroeconomic & Financial Outlook</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/country-outlook" data-drupal-link-system-path="taxonomy/term/46">Country Outlook</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/flash-divisas" data-drupal-link-system-path="taxonomy/term/1166">Flash Divisas</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/podcasts" data-drupal-link-system-path="taxonomy/term/62">P贸dcast Econom铆a Expr茅s</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/videos" data-drupal-link-system-path="taxonomy/term/61">Videos</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/working-papers" data-drupal-link-system-path="taxonomy/term/53">Working Papers</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/hemeroteca/academic-articles" data-drupal-link-system-path="taxonomy/term/58">Academic articles</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economist-conferences" data-drupal-link-system-path="taxonomy/term/73">Conferences</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/archives" data-drupal-link-system-path="taxonomy/term/49">Archives</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publications" data-drupal-link-system-path="taxonomy/term/43">View all about Publications</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li></ul></div></li><li class="menu-item"> <a href="https://realtimeeconomics.caixabankresearch.com/#/home?lang=ENG" target="_blank">Real-Time Economics</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"></div></li></ul> </nav><div class="language-switcher-language-url block block--fancy language_block:language_interface block-caixabank-alternadordeidioma" id="block-caixabank-alternadordeidioma" role="navigation"><ul class="links"><li hreflang="es" data-drupal-link-system-path="taxonomy/term/3"><a href="/es/economia-y-mercados" class="language-link" hreflang="es" data-drupal-link-system-path="taxonomy/term/3">CAS</a></li><li hreflang="ca" data-drupal-link-system-path="taxonomy/term/3"><a href="/ca/economia-i-mercats" class="language-link" hreflang="ca" data-drupal-link-system-path="taxonomy/term/3">CAT</a></li><li hreflang="en" data-drupal-link-system-path="taxonomy/term/3" class="is-active"><a href="/en/economics-markets" class="language-link is-active" hreflang="en" data-drupal-link-system-path="taxonomy/term/3">ENG</a></li></ul></div> <a href="/en/user/login" class="btn-bottom-mobile">Login</a></div></div></div></div><header role="banner"><div class="header"><div class="container"><div class="header-wrapper"><div class="social-top twitter-link"><a title="Header Twitter Link" target="_blank" href="https://twitter.com/CABK_Research"> <svg version="1.1" id="Layer_1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" x="0px" y="0px" width="22.328px" height="18.146px" viewBox="0 0 22.328 18.146" enable-background="new 0 0 22.328 18.146" xml:space="preserve"> <path fill="#FFFFFF" d="M22.328,2.148c-0.82,0.365-1.703,0.611-2.631,0.721c0.946-0.566,1.672-1.464,2.014-2.534 c-0.885,0.525-1.864,0.906-2.908,1.112C17.966,0.557,16.776,0,15.458,0c-2.529,0-4.581,2.052-4.581,4.581 c0,0.359,0.041,0.708,0.119,1.044C7.19,5.435,3.814,3.61,1.555,0.838c-0.394,0.678-0.62,1.465-0.62,2.305 c0,1.589,0.808,2.991,2.037,3.812c-0.75-0.023-1.457-0.229-2.074-0.572C0.897,6.4,0.897,6.419,0.897,6.439 c0,2.219,1.579,4.071,3.675,4.492c-0.384,0.104-0.789,0.16-1.207,0.16c-0.295,0-0.582-0.028-0.862-0.082 c0.583,1.819,2.275,3.144,4.279,3.181c-1.568,1.229-3.543,1.961-5.689,1.961c-0.37,0-0.734-0.022-1.093-0.064 c2.028,1.301,4.436,2.06,7.022,2.06c8.426,0,13.033-6.981,13.033-13.034c0-0.198-0.005-0.396-0.013-0.593 C20.937,3.874,21.714,3.066,22.328,2.148"/> </svg> </a></div><div class="social-top spotify-link"><a title="Header Spotify Link" target="_blank" href="https://open.spotify.com/show/2Fe9ugalc3XYJjRKiInYNQ?go=1&sp_cid=f43ad2b90a329108a9629db7693b3d42&nd=1"> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 496 512"> <path fill="#fff" d="M248 8C111.1 8 0 119.1 0 256s111.1 248 248 248 248-111.1 248-248S384.9 8 248 8Z"/> <path fill="#197EAE" d="M406.6 231.1c-5.2 0-8.4-1.3-12.9-3.9-71.2-42.5-198.5-52.7-280.9-29.7-3.6 1-8.1 2.6-12.9 2.6-13.2 0-23.3-10.3-23.3-23.6 0-13.6 8.4-21.3 17.4-23.9 35.2-10.3 74.6-15.2 117.5-15.2 73 0 149.5 15.2 205.4 47.8 7.8 4.5 12.9 10.7 12.9 22.6 0 13.6-11 23.3-23.2 23.3zm-31 76.2c-5.2 0-8.7-2.3-12.3-4.2-62.5-37-155.7-51.9-238.6-29.4-4.8 1.3-7.4 2.6-11.9 2.6-10.7 0-19.4-8.7-19.4-19.4s5.2-17.8 15.5-20.7c27.8-7.8 56.2-13.6 97.8-13.6 64.9 0 127.6 16.1 177 45.5 8.1 4.8 11.3 11 11.3 19.7-.1 10.8-8.5 19.5-19.4 19.5zm-26.9 65.6c-4.2 0-6.8-1.3-10.7-3.6-62.4-37.6-135-39.2-206.7-24.5-3.9 1-9 2.6-11.9 2.6-9.7 0-15.8-7.7-15.8-15.8 0-10.3 6.1-15.2 13.6-16.8 81.9-18.1 165.6-16.5 237 26.2 6.1 3.9 9.7 7.4 9.7 16.5s-7.1 15.4-15.2 15.4z"/> </svg> </a></div><div class="language-switcher-language-url block block--fancy language_block:language_interface block-caixabank-languageswitcher" id="block-caixabank-languageswitcher" role="navigation"><ul class="links"><li hreflang="es" data-drupal-link-system-path="taxonomy/term/3"><a href="/es/economia-y-mercados" class="language-link" hreflang="es" data-drupal-link-system-path="taxonomy/term/3">CAS</a></li><li hreflang="ca" data-drupal-link-system-path="taxonomy/term/3"><a href="/ca/economia-i-mercats" class="language-link" hreflang="ca" data-drupal-link-system-path="taxonomy/term/3">CAT</a></li><li hreflang="en" data-drupal-link-system-path="taxonomy/term/3" class="is-active"><a href="/en/economics-markets" class="language-link is-active" hreflang="en" data-drupal-link-system-path="taxonomy/term/3">ENG</a></li></ul></div><div id="block-caixabank-menuuserarea" class="block block--fancy user_area_menu block-caixabank-menuuserarea"><ul class="menu"><li><a href="/en/user/login" class="button-newsletter">Newsletters</a></li></ul></div></div></div></div><div class="main_navigation"><div class="container mb-no-padding"><div class="secondary-switcher"><div class="menu-mobile"> <span class="bar top"></span> <span class="bar middle"></span> <span class="bar bottom"></span></div></div><div id="block-caixabank-buscador" class="block block--fancy webform_block block-buscador"><div id="block-close" class="block-close"></div><form class="webform-submission-form webform-submission-add-form webform-submission-buscador-form webform-submission-buscador-add-form webform-submission-buscador-taxonomy_term-3-form webform-submission-buscador-taxonomy_term-3-add-form webform-submission-buscador-taxonomy-term-3-add-form js-webform-details-toggle webform-details-toggle" data-drupal-selector="webform-submission-buscador-taxonomy-term-3-add-form" action="/search" method="get" id="webform-submission-buscador-taxonomy-term-3-add-form" accept-charset="UTF-8"><div class="js-form-item form-item js-form-type-search form-item-buscar js-form-item-buscar form-no-label"> <label for="edit-buscar" class="visually-hidden">Buscar</label> <input autocomplete="off" data-drupal-selector="edit-buscar" type="search" id="edit-buscar" name="buscar" value="" size="60" maxlength="128" placeholder="Do your search" class="form-search" /></div><div class="form-actions"> <input class="webform-button--submit button button--primary js-form-submit form-submit" data-drupal-selector="edit-submit" type="submit" id="edit-submit" value="Submit" /></div><a href="/en" class="button cancel" data-drupal-selector="edit-cancel" id="edit-cancel">Cancel</a> <a id="linkAZ" href="/en/tags-a-z">Tags A - Z</a></form></div><div id="block-caixabank-cookiesui" class="block block--fancy cookies_ui_block block-caixabank-cookiesui"><div id="cookiesjsr" style="display: none"></div></div><div id="block-caixabank-logo" class="block block--fancy block_content:97f26e2c-ed87-4777-b925-3e96621f203f block-caixabank-logo" style="transform:translate(-7px,4px); flex-basis: auto; text-align: center; margin: 0; padding-top: 10px;"> <a href="https://www.caixabankresearch.com/en" title="CaixaBank Research logo"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" version="1.1" id="Capa_2" x="0px" y="0px" viewBox="0 0 469.7 126" style="enable-background:new 0 0 469.7 126;" xml:space="preserve"> <g> <path class="ctlogo0" d="M35.3,52.9c1,0.7,0.9,2,1.8,2.7l0.4,3l-2.2,3.2c-2.8,1.5-6.9,2.1-9.5-0.2c-1.5-1.3-1.9-3.2-1.5-5.1l1-2.8 c0.6-0.4,1.4-0.5,1.8-1.2c1.4-0.9,3.1-0.7,4.7-1C33,51.9,34.8,51.2,35.3,52.9"></path> <path class="ctlogo1" d="M28.1,70.7c0.9,0,1.5,0.6,2.3,0.5c1.2,0.4,1,1.9,2.2,2.2c0.9,1.9,1.5,3.9,2,5.9c-0.3,1.2,0.6,1.9,0.3,2.9 l0.3,0.2c0,1.1-0.1,2.4-0.5,3.5c0.2,2-0.8,3.8-1.7,5.5c-0.6,0.4-0.9,1.5-1.8,1.3c-1.6,0.5-1.7,2.8-3.6,2.6 c-1.2,0.9-2.9,0.4-4.3,0.4c-0.8-0.4-2-0.3-2.6-1.1c-1.5-0.6-2.8-1.7-4.1-2.7c-0.5-1.1-1.6-1.6-1.8-2.8c0.4-1.5-0.5-2.8-0.1-4.3 l-0.3-2.4l0.9-4.2c1.6-0.8,1.1-2.7,2.7-3.3c1-2.2,3.3-2.7,5.1-3.9c0.7-0.1,1.5,0.2,2.1-0.4C26.3,70.4,27.2,71.5,28.1,70.7"></path> <path class="ctlogo2" d="M107.8,5.6c-0.4,6.9-6.1,11.5-9,17.3c-1.3,3.5-4.3,5.5-6.5,8.6c-2,2-3.9,4.2-5.5,6.5c0.3,1.6,2,2.1,3,3.2 c2.2,1.3,2.4,3.8,4.3,5.3c1.1,0,1.1,1.7,2.3,1.5c2.6,2.8,4.7,5.7,6.8,8.7c0.3,1.1,0.9,2.1,1.8,2.9c1.7,2.5,3.1,5.1,4.9,7.7 c0.2,2.8,2.6,4.7,3.4,7.4c1.1,1.4,1.5,3.1,2.5,4.5c1.5,3.3,2.5,6.8,4.3,10c0.3,0.7-0.1,1.5-0.5,2c-0.7,0.5-1.2-0.4-2-0.3 c-4-1.5-7.8-3.6-11.5-5.8c-3.8-3.1-8-5.3-11.8-8.5c-1.5-0.4-2.1-2.1-3.4-2.8c-3.6-2.3-6.5-5.5-10.2-7.6c-1.7-1.3-3.3-2.5-5-3.8 c-1.3-0.1-1.7-1.6-2.9-2.1c-2.7-1.7-5.2-4-8-5.5c-0.2,0.4,0,1-0.2,1.4c-1.9,1.8-1.4,4.6-2.7,6.6c0,2.9-2.1,5-2.9,7.5 c-2.3,4.1-4.3,8.3-6.7,12.4c-3.2,4.2-4.9,9.3-9.4,12.7c-1,1.2-2.1,1.9-3.3,2.6c-0.5-0.2-1.3-0.1-1.5-0.7c-0.5-1,0.1-2.6-0.6-3.5 c0.6-1.4,0.2-3,0.5-4.6L38,88.5c0-2.1,1.1-4,0.7-6.2c0.6-1.4,0.8-2.9,1-4.4c0.7-1.9,1.3-3.9,1.5-5.9c0.6-1.2,0.9-2.7,0.7-4.1 c0.5-1.3,0.6-2.8,1.9-3.7c0.2-0.8,0-1.7,0.1-2.5c1.3-4,2.9-7.9,4-12c0-0.3-0.3-0.4-0.5-0.4c-2.9-0.1-5.6,0.4-8.3-0.3 c-4.4-0.1-8.8-0.6-13-1.5c-1.7-0.3-3.8-0.1-5.3-1.1c-1,0-2.2,0.2-3.2-0.3c-2-1-4.4-0.8-6.4-1.9c-1.5,0.2-2.6-0.8-4-0.9 c-1.3,0.1-2.1-1-3-1.8v-0.4c2.4-3.3,6.4-4.2,9.9-5.5c3.5-1.1,7.3-1.2,10.9-1.9c2.3-0.4,4.8,0.2,7.1-0.1c4.2,0.1,8.2,0.8,12.3,0.9 c1.4,0.2,2.6,0.8,4,0.8l0-0.6l-3.9-5.3c-1.5-3.4-4.1-6.3-5.1-9.9c-0.9-1.1-0.1-2.7-0.7-3.9c0-0.5,0.4-0.9,0.6-1.4 c0.8-0.3,1.8,0.2,2.6-0.3c2.5,0.6,4.8,1.5,7.3,2c2.6,1,5.2,2.1,7.5,3.8c2.9,2,6.4,3.4,8.6,6.5c0.6,0.5,1.5,0.6,2.3,0.4 c0.7-0.1,0.8-0.9,1.5-1.2c3-1.9,6.4-3,9.4-5.1c1.2-1.2,3.2-1.4,3.9-3c0.9-0.4,1.8-1,2.7-1.3c1.7-1.2,3.4-2.5,5.3-3.5 c1-0.1,1.8-0.6,2.5-1.2c3-1.7,6.2-3,9.1-4.9c0.6-1.7,2.5-1.3,3.9-1.7C106.5,4.8,107.5,4.7,107.8,5.6"></path> <rect x="142.4" y="85.2" class="ctlogo3" width="323.1" height="1.3"></rect> <rect x="142.4" y="86.4" class="ctlogo3" width="323.1" height="1.3"></rect> <path class="ctlogo3" d="M366.5,47.1c2-2.9,3.9-4.1,7.7-4.1c5.3,0,5.6,4.7,5.6,8.9c-1.1,0-2.4-0.2-3.7-0.2c-7.1,0-15,3.2-15,11.5 c0,5.8,5.2,9.1,10.6,9.1c3.4,0,5.9-1.9,8.6-3.8c0.9,2,3.3,3.4,6.2,3.8l5.9-4.7l-1.2-1.2c-0.5,0.2-1.3,0.3-1.6,0.3 c-1.7,0-2.3-1-2.3-4.6v-2.7c0.1-4.5,0.3-8.5,0.3-11.3c0-7.8-5.9-9.7-12.9-9.7c-3.7,0-6.8,0.5-10.1,1.4v7.4H366.5z M380.1,66.2 c-1.3,0.8-2.8,1.3-5.2,1.3c-3.3,0-6.1-2.7-6.1-6.3c0-5,3.8-6.9,7.4-6.9c1.4,0,2.9,0.2,3.7,0.4L380.1,66.2z"></path> <path class="ctlogo3" d="M192.7,27.3h-3.4c-2.5-7.5-10.3-10.5-17.2-10.5c-13.9,0-19.7,11.2-19.7,24.7c0,22.6,16.4,26.5,23,26.5 c6.5,0,12.4-2.8,15.9-8.4l2.5,1l-2.5,8.9c-6.4,1.2-10.4,1.8-15.6,1.8c-23.9,0-34.4-14.8-34.4-29.2c0-16.5,12.7-28.7,30.7-28.7 c10.4,0,14.4,1.8,20.1,3.2L192.7,27.3z"></path> <path class="ctlogo3" d="M217.1,54.7c-0.9-0.2-2.4-0.4-3.8-0.4c-3.6,0-7.4,1.9-7.4,6.9c0,3.6,2.8,6.3,6.1,6.3c2.4,0,4-0.5,5.3-1.3 L217.1,54.7z M201.8,47.1v-7.4c3.3-0.9,6.4-1.4,10.1-1.4c7,0,12.9,1.9,12.9,9.7c0,2.8-0.2,6.9-0.3,11.4V62c0,3.6,0.6,4.6,2.4,4.6 c0.4,0,1.1-0.1,1.6-0.3l1.2,1.2l-5.9,4.7c-3-0.4-5.3-1.9-6.3-3.8c-2.7,2-5.2,3.8-8.6,3.8c-5.3,0-10.6-3.3-10.6-9.1 c0-8.3,7.9-11.5,15-11.5c1.3,0,2.6,0.2,3.7,0.2c0-4.2-0.3-8.9-5.6-8.9c-3.8,0-5.8,1.3-7.8,4.2H201.8z"></path> <path class="ctlogo3" d="M238.6,25.1c2.3,0,4.3,1.6,4.3,4c0,2.3-2,4-4.3,4c-2.3,0-4.3-1.6-4.3-4C234.3,26.7,236.3,25.1,238.6,25.1 M242.5,38.3c0,3.3,0.3,10.2,0.3,16.6v11.4c0,2.7,1.2,3.1,3.1,3.5v1.6c-2.4,0-4.7-0.2-7-0.2c-2.1,0-4.2,0.2-6.3,0.2v-1.6 c1.9-0.5,2.7-0.9,2.7-3.5v-9.7c0-5.6-0.5-8.8-1.1-10.4c-0.6-1.6-1.4-2.1-3.3-2.4v-1.6c3.6-0.9,7.8-2.3,10.1-3.9H242.5z"></path> <path class="ctlogo3" d="M249.7,69.9c2.5-0.4,4.2-2.3,5.2-3.7l7.6-9.7l-9-12.2c-1.5-2-2-2.5-4.3-3.5v-1.6c2.3,0.1,4.8,0.2,7.1,0.2 c2.3,0,4.7-0.2,7-0.2v1.6c-0.9,0.5-1.6,0.6-1.6,1.8c0,0.5,0.2,1.6,0.9,2.5l4.3,5.9l3.8-5.1c0.8-1.1,1.2-2,1.2-2.6 c0-1.5-0.9-2-2.2-2.5v-1.6c2.1,0.1,4.1,0.2,6.3,0.2c2,0,4.2-0.2,6.2-0.2v1.6c-3.1,0.7-4.7,2.6-6.4,4.8l-6.7,8.5l8.5,11.8 c1.2,1.6,3,3.5,4.9,4.1v1.6c-2.3-0.1-4.6-0.2-7-0.2c-2.4,0-4.6,0.2-7,0.2v-1.6c0.9-0.1,1.6-0.9,1.6-1.7c0-0.5-0.6-1.7-1.3-2.7 l-4.2-6l-4.2,5.7c-0.5,0.7-1.1,2.2-1.1,2.9c0,1.2,0.6,1.6,1.6,1.8v1.6c-2-0.1-4.2-0.2-6.2-0.2c-1.7,0-3.4,0.2-5.1,0.2V69.9z"></path> <path class="ctlogo3" d="M303.4,54.7c-0.9-0.2-2.4-0.4-3.8-0.4c-3.6,0-7.4,1.9-7.4,6.9c0,3.6,2.8,6.3,6.1,6.3c2.4,0,4-0.5,5.2-1.3 L303.4,54.7z M288.1,47.1v-7.4c3.3-0.9,6.4-1.4,10.1-1.4c7,0,12.9,1.9,12.9,9.7c0,2.8-0.2,6.9-0.3,11.4V62c0,3.6,0.6,4.6,2.3,4.6 c0.4,0,1.1-0.1,1.7-0.3l1.2,1.2l-5.9,4.7c-3-0.4-5.3-1.9-6.3-3.8c-2.7,2-5.2,3.8-8.6,3.8c-5.3,0-10.6-3.3-10.6-9.1 c0-8.3,7.9-11.5,15-11.5c1.3,0,2.6,0.2,3.7,0.2c0-4.2-0.3-8.9-5.6-8.9c-3.8,0-5.8,1.3-7.8,4.2H288.1z"></path> <path class="ctlogo3" d="M331.3,45.4c1.6,0,2.9-0.1,4.2-0.1c7.5,0,11.9,5.3,11.9,12.4c0,6-4,10.9-10.7,10.9c-4.9,0-5.4-0.8-5.4-5V45.4z M322.9,64.8c0,3.4-1,4.5-4.5,4.9v1.4h13.5c1.1,0,2.2,0.1,3.2,0.2c1.1,0.1,2.2,0.2,3.2,0.2c8.5,0,18.6-3.3,18.6-13.4 c0-8.1-4.9-12.3-12.3-14.3v-0.2c5.9-1.9,11.3-6.2,11.3-12.8c0-10.2-10.5-13.9-19.2-13.9c-1.9,0-3.7,0.3-7.2,0.3 c-3.1,0-6.3-0.3-10.2-0.3v1.7c2.1,0.3,3.4,1,3.4,4c0,7,0.2,17,0.2,26.3V64.8z M331.7,21.2c0-1.5,0.9-1.6,3.1-1.6 c8.4,0,11.7,4.5,11.7,11.4c0,6.8-4.7,11.1-11.7,11.1c-1,0-2.1-0.1-3.5-0.2L331.7,21.2z"></path> <path class="ctlogo3" d="M393.8,43.7c2.3,0,3.4,1.3,3.4,3.6c0,2.5,0.4,6.7,0.4,11.3v7.7c0,2.7-0.9,3-2.9,3.7v1.6c2.2,0,4.5-0.2,6.6-0.2 c2.3,0,4.5,0.2,6.7,0.2v-1.6c-2.1-0.2-2.9-0.9-2.9-3.7v-6.4c0-6.1,0.2-10.5,0.2-13.4c0-2.9,5-3.7,6.6-3.7c5.6,0,6.4,5.8,6.4,10 v13.5c0,2.7-0.6,3.2-2.8,3.7v1.6c2.5,0,4.9-0.2,7.4-0.2c2,0,3.8,0.2,5.8,0.2v-1.6c-2.2-0.6-2.8-1.2-2.8-3.7V49.6 c0-6.6-3-11.3-10.8-11.3c-3.3,0-6.8,2-9.5,3.8c0.1-1.3,0.1-2.6,0.2-3.9h-1.6c-3,1.9-5.8,3-10.4,3.9V43.7z"></path> <path class="ctlogo3" d="M465.5,69.8c-2.3-0.7-5.2-3.2-6.2-4.4l-11.8-13.8l6-6.3c1.9-2,4.5-3.7,7.3-4.5v-1.6c-2,0.2-3.9,0.2-5.9,0.2 c-2.1,0-4.3-0.1-6.4-0.2v1.6c0.7,0.3,1.4,1.3,1.4,2c0,0.9-0.4,2-2,3.7l-6.4,6.3V15.9h-1.7c-2.8,2.1-6.5,3.7-10.4,4.8v1.8 c2,0,3.7,1.9,3.9,5.1c0.2,3,0.6,8.8,0.6,13.4v25.3c0,1.7-0.6,3.1-3,3.5v1.6c2.1-0.2,4.1-0.2,6.3-0.2c2.3,0,4.6,0.2,7,0.2v-1.6 c-1.9-0.4-2.7-1.3-2.7-3.7V55.4h0.2l8.1,8.8c1.3,1.5,2.3,3.3,2.3,4.1c0,0.8-0.5,1.4-1.2,1.4v1.6c2.7,0,5.3-0.2,8-0.2 c2.3,0,4.5,0.2,6.8,0.2V69.8z"></path> <rect x="142.4" y="86.4" class="ctlogo3" width="323.1" height="1.3"></rect> <path class="ctlogo3" d="M351.9,120.9h5.3l1.5-7c0.1-0.6,0.3-1.1,0.5-1.6c0.2-0.5,0.5-1,0.8-1.3c0.3-0.4,0.7-0.7,1.1-0.9 c0.4-0.2,0.9-0.3,1.5-0.3c0.7,0,1.2,0.2,1.6,0.5c0.3,0.4,0.5,0.8,0.5,1.2c0,0.4,0,0.8-0.1,1.2c-0.1,0.4-0.2,0.8-0.2,1.2l-1.5,7.1 h5.4l1.4-7.1c0.1-0.4,0.1-0.8,0.2-1c0.1-0.3,0.1-0.5,0.1-0.8c0-0.2,0-0.5,0.1-0.7c0-0.2,0-0.4,0-0.7c0-0.7-0.1-1.4-0.3-2.1 c-0.2-0.6-0.5-1.2-0.9-1.7c-0.4-0.5-0.9-0.8-1.5-1.1c-0.6-0.3-1.3-0.4-2-0.4c-1.2,0-2.3,0.3-3.2,0.7c-0.9,0.5-1.6,1.1-2.1,1.8H360 l1.9-8.9h-5.3L351.9,120.9z M350.5,116.8c-0.6,0.2-1.1,0.4-1.6,0.5c-0.5,0.1-1.1,0.2-1.8,0.2c-0.6,0-1.1-0.1-1.5-0.3 c-0.4-0.2-0.8-0.4-1.1-0.7c-0.3-0.3-0.6-0.7-0.7-1.1s-0.2-0.8-0.2-1.3c0-1.6,0.4-2.8,1.3-3.6c0.9-0.8,2-1.3,3.4-1.3 c0.6,0,1.2,0.1,1.7,0.2c0.6,0.1,1.1,0.3,1.7,0.6l1.1-3.7c-0.8-0.3-1.6-0.6-2.5-0.8c-0.9-0.2-1.7-0.3-2.3-0.3c-1.5,0-2.8,0.2-4,0.7 c-1.2,0.5-2.2,1.1-3.1,1.9c-0.9,0.8-1.5,1.8-2,2.9c-0.5,1.1-0.7,2.3-0.7,3.5c0,1,0.2,1.9,0.5,2.7c0.3,0.8,0.8,1.6,1.4,2.2 c0.6,0.6,1.4,1.1,2.3,1.5c0.9,0.4,1.9,0.6,3,0.6c1,0,1.9-0.1,2.6-0.2c0.7-0.1,1.3-0.2,1.9-0.4L350.5,116.8z M327.9,105.7 c-0.1,0.7-0.2,1.4-0.3,2c-0.1,0.7-0.2,1.3-0.4,2l-2.4,11.3h5.3l1.5-7c0.1-0.6,0.3-1.1,0.5-1.6c0.2-0.5,0.5-1,0.8-1.3 c0.3-0.4,0.7-0.7,1.1-0.9c0.4-0.2,0.9-0.3,1.5-0.3c0.5,0,1,0,1.3,0.1c0.4,0.1,0.8,0.3,1.1,0.5l1.2-4.7c-0.3-0.2-0.7-0.3-1.1-0.3 c-0.4,0-0.8-0.1-1.1-0.1c-0.5,0-1.1,0.1-1.5,0.3c-0.5,0.2-0.9,0.5-1.3,0.8c-0.4,0.3-0.8,0.7-1.1,1.1c-0.3,0.4-0.6,0.9-0.8,1.3h-0.1 l0.6-3.1H327.9z M317.3,120.9h4.3c0.1-1.1,0.3-2.2,0.5-3.2c0.2-1,0.4-1.9,0.6-2.8c0.2-0.9,0.4-1.7,0.5-2.4c0.1-0.7,0.2-1.4,0.2-2 c0-0.9-0.2-1.7-0.5-2.4c-0.4-0.7-0.8-1.2-1.4-1.6c-0.6-0.4-1.3-0.7-2.1-0.9c-0.8-0.2-1.7-0.3-2.6-0.3c-1.2,0-2.2,0.1-3.1,0.2 c-0.9,0.2-1.7,0.4-2.5,0.6l-0.5,3.8c0.9-0.4,1.7-0.8,2.4-0.9c0.7-0.2,1.6-0.3,2.5-0.3c0.9,0,1.6,0.2,2.1,0.6 c0.5,0.4,0.7,0.8,0.7,1.4v0.3c0,0.1,0,0.2-0.1,0.3c-0.4,0-0.8-0.1-1.3-0.1c-0.5,0-1,0-1.5,0c-1.2,0-2.3,0.1-3.3,0.4 c-1,0.2-1.9,0.6-2.7,1c-0.8,0.5-1.4,1-1.8,1.7c-0.4,0.7-0.7,1.5-0.7,2.5c0,1.5,0.4,2.6,1.3,3.3c0.9,0.7,2.1,1.1,3.8,1.1 c1,0,2-0.2,2.9-0.6c0.9-0.4,1.6-1,2.2-1.9v-0.1l0.1,0.1L317.3,120.9z M313.4,114.6c0.8-0.4,1.9-0.6,3.1-0.5c0.2,0,0.4,0,0.7,0 c0.3,0,0.5,0,0.7,0.1c-0.2,1-0.6,1.9-1.3,2.6c-0.7,0.7-1.6,1-2.7,1c-0.6,0-1-0.2-1.3-0.5c-0.3-0.3-0.5-0.7-0.5-1 C312.2,115.6,312.6,115,313.4,114.6 M303.6,116.7c-0.7,0.4-1.5,0.6-2.4,0.8c-0.9,0.2-1.7,0.3-2.4,0.3c-0.8,0-1.5-0.1-2-0.2 c-0.5-0.1-0.9-0.3-1.2-0.6c-0.3-0.3-0.5-0.6-0.6-0.9c-0.1-0.4-0.2-0.7-0.2-1.2h10.8c0.1-0.2,0.1-0.5,0.1-0.7c0-0.3,0.1-0.5,0.1-0.8 c0-0.3,0.1-0.5,0.1-0.7c0-0.2,0-0.4,0-0.6c0-1.1-0.2-2.1-0.5-3c-0.4-0.8-0.8-1.5-1.5-2.1c-0.6-0.5-1.4-0.9-2.2-1.2 c-0.9-0.3-1.8-0.4-2.8-0.4c-1.7,0-3.1,0.3-4.3,0.9c-1.2,0.6-2.1,1.4-2.8,2.3c-0.7,0.9-1.2,1.9-1.6,2.9c-0.3,1.1-0.5,2-0.5,2.9 c0,1,0.2,1.9,0.5,2.7c0.3,0.8,0.8,1.6,1.5,2.2c0.7,0.6,1.5,1.1,2.5,1.5c1,0.4,2.1,0.6,3.4,0.6c0.8,0,1.6-0.1,2.5-0.2 c0.9-0.1,1.9-0.4,2.8-0.6L303.6,116.7z M295.1,111.9c0.1-0.4,0.2-0.7,0.5-1.1c0.2-0.4,0.5-0.7,0.8-1c0.3-0.3,0.7-0.5,1.1-0.7 c0.4-0.2,0.9-0.3,1.5-0.3c0.5,0,0.9,0.1,1.2,0.2c0.3,0.2,0.6,0.4,0.8,0.7c0.2,0.3,0.3,0.6,0.4,1c0.1,0.4,0.1,0.7,0.1,1.2H295.1z M274.1,120.5c0.8,0.2,1.8,0.4,2.9,0.6c1.1,0.2,2.3,0.2,3.5,0.2c1,0,1.9-0.2,2.8-0.4c0.9-0.2,1.6-0.6,2.3-1.1 c0.6-0.5,1.2-1.1,1.5-1.8c0.4-0.7,0.6-1.5,0.6-2.5c0-0.6-0.2-1.2-0.5-1.6c-0.3-0.4-0.7-0.8-1.2-1.1c-0.5-0.3-1-0.6-1.6-0.8 c-0.6-0.2-1.1-0.4-1.6-0.6c-0.5-0.2-0.9-0.4-1.2-0.6c-0.3-0.2-0.5-0.4-0.5-0.7c0-0.3,0.1-0.5,0.2-0.6c0.1-0.2,0.3-0.3,0.6-0.4 c0.2-0.1,0.5-0.2,0.8-0.2c0.3,0,0.6-0.1,0.9-0.1c0.8,0,1.5,0.1,2.2,0.2c0.7,0.1,1.3,0.4,2,0.6l1.1-3.5c-1-0.3-1.9-0.5-2.8-0.7 c-0.9-0.1-1.6-0.2-2.3-0.2c-0.9,0-1.8,0.1-2.7,0.3c-0.9,0.2-1.7,0.5-2.5,0.9c-0.7,0.4-1.3,0.9-1.8,1.6c-0.5,0.6-0.7,1.4-0.7,2.3 c0,0.8,0.2,1.5,0.5,2c0.3,0.5,0.7,1,1.2,1.3c0.5,0.3,1,0.6,1.5,0.8c0.5,0.2,1,0.4,1.5,0.5c0.5,0.2,0.9,0.3,1.2,0.6 c0.3,0.2,0.5,0.5,0.5,0.9c0,0.3-0.1,0.6-0.3,0.7c-0.2,0.2-0.5,0.3-0.8,0.4c-0.3,0.1-0.6,0.1-1,0.2c-0.3,0-0.6,0-0.8,0 c-1.5,0-2.9-0.3-4.3-0.9L274.1,120.5z M271.1,116.7c-0.7,0.4-1.5,0.6-2.4,0.8c-0.9,0.2-1.7,0.3-2.4,0.3c-0.8,0-1.5-0.1-2-0.2 c-0.5-0.1-0.9-0.3-1.2-0.6c-0.3-0.3-0.5-0.6-0.6-0.9c-0.1-0.4-0.2-0.7-0.2-1.2h10.8c0.1-0.2,0.1-0.5,0.1-0.7c0-0.3,0.1-0.5,0.1-0.8 c0-0.3,0.1-0.5,0.1-0.7c0-0.2,0-0.4,0-0.6c0-1.1-0.2-2.1-0.5-3c-0.4-0.8-0.8-1.5-1.5-2.1c-0.6-0.5-1.4-0.9-2.2-1.2 c-0.9-0.3-1.8-0.4-2.8-0.4c-1.7,0-3.1,0.3-4.3,0.9c-1.2,0.6-2.1,1.4-2.8,2.3c-0.7,0.9-1.2,1.9-1.6,2.9c-0.3,1.1-0.5,2-0.5,2.9 c0,1,0.2,1.9,0.5,2.7c0.3,0.8,0.8,1.6,1.5,2.2c0.7,0.6,1.5,1.1,2.5,1.5c1,0.4,2.1,0.6,3.4,0.6c0.8,0,1.6-0.1,2.5-0.2 c0.9-0.1,1.9-0.4,2.8-0.6L271.1,116.7z M262.6,111.9c0.1-0.4,0.3-0.7,0.5-1.1c0.2-0.4,0.5-0.7,0.8-1c0.3-0.3,0.7-0.5,1.1-0.7 c0.4-0.2,0.9-0.3,1.5-0.3c0.5,0,0.9,0.1,1.2,0.2c0.3,0.2,0.6,0.4,0.8,0.7c0.2,0.3,0.4,0.6,0.4,1c0.1,0.4,0.1,0.7,0.1,1.2H262.6z M246.1,104.4h2.6c0.8,0,1.4,0.2,1.9,0.5c0.4,0.3,0.6,0.9,0.6,1.6c0,0.5-0.1,0.9-0.3,1.2c-0.2,0.3-0.5,0.6-0.9,0.8 c-0.4,0.2-0.8,0.3-1.3,0.4c-0.5,0.1-1.1,0.1-1.7,0.1h-1.8L246.1,104.4z M237.3,120.9h5.5l1.6-8.1h0.6c0.6,0,1.1,0,1.4,0.1 c0.4,0,0.6,0.2,0.8,0.4c0.2,0.2,0.4,0.5,0.5,0.9c0.1,0.4,0.2,0.9,0.4,1.6l1.1,5.2h5.4l-1.5-6.3c-0.1-0.3-0.2-0.7-0.3-1.1 c-0.1-0.4-0.3-0.8-0.4-1.2c-0.2-0.4-0.4-0.7-0.7-0.9c-0.3-0.3-0.6-0.4-1-0.4V111c0.8-0.1,1.5-0.3,2.3-0.5c0.7-0.2,1.4-0.5,1.9-0.9 c0.5-0.4,1-0.9,1.3-1.6c0.3-0.6,0.5-1.4,0.5-2.3c0-1.3-0.3-2.3-0.8-2.9c-0.5-0.7-1.2-1.2-2-1.5c-0.8-0.3-1.8-0.5-2.8-0.6 c-1-0.1-2-0.1-3-0.1h-6.5L237.3,120.9z"></path> </g> </svg> </a></div><nav role="navigation" aria-labelledby="block-caixabank-navegacionprincipal-menu" id="block-caixabank-navegacionprincipal"><h2 class="visually-hidden" id="block-caixabank-navegacionprincipal-menu">Navegaci贸n principal</h2><ul class="menu menu-level-0"><li class="menu-item"> <a href="/en" data-drupal-link-system-path="<front>">Home</a></li><li class="menu-item menu-item--expanded menu-item--active-trail"> <a href="/en/economics-markets" data-drupal-link-system-path="taxonomy/term/3" class="is-active">Economics & Markets</a><div class="menu-desplegable menu_visual_1"><div class="container menu_visual_1"><div class="col-left"><div class="content-visual-menu"><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"><ul class="menu menu-level-1"><li class="menu-item"> <a href="/en/indicators-and-forecasts" data-drupal-link-system-path="taxonomy/term/42">Indicators and forecasts</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/recent-developments" data-drupal-link-system-path="taxonomy/term/21">Recent developments</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/activity-growth" data-drupal-link-system-path="taxonomy/term/993">Activity & growth</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/inflation" data-drupal-link-system-path="taxonomy/term/11">Inflation</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/commodities" data-drupal-link-system-path="taxonomy/term/6">Commodities</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/labour-market-demographics" data-drupal-link-system-path="taxonomy/term/12">Labour market & demographics</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/financial-markets" data-drupal-link-system-path="taxonomy/term/4">Financial markets</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/monetary-policy" data-drupal-link-system-path="taxonomy/term/5">Monetary policy</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets/public-sector" data-drupal-link-system-path="taxonomy/term/14">Public sector</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economics-markets" data-drupal-link-system-path="taxonomy/term/3" class="is-active">View all about Economics & Markets</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li></ul></div></div></div><div class="js-view-dom-id-57957efcabb1f5772a6e67809e662abb1896c5f894338b18560785a69eec5156 col-right"><div class="content-article-menu"> <article data-history-node-id="12940" role="article" about="/en/economics-markets/activity-growth/2025-global-outlook-search-new-normal" typeof="schema:Article" data-type="article"><div class="field_thumbnail field"><div class="field_media_image field"> <img src="/sites/default/files/styles/menu_destacado/public/content/image/2024/11/08/34529/ico_im_11_24_azul_n.jpg?itok=uV5BE-x5" width="400" height="200" alt="Perspectivas 2025" loading="lazy" typeof="foaf:Image" /></div></div><h2><a href="/en/economics-markets/activity-growth/2025-global-outlook-search-new-normal"><span property="schema:name">2025 global outlook: in search of a new normal</span></a></h2><div class="category primary_color"><div class="field_seccion field"> Dossier</div></div><div class="box_author_date box_ad box_with_image"><div class="field_author multiple"><div class="autor"><div about="/en/author/jose-ramon-diez" class="author-complete-teaser"> <a href="/en/author/jose-ramon-diez"><div class="field_fotografia field"><div class="field_media_image field"> <img src="/sites/default/files/styles/index_autor/public/content/image/2022/03/22/34454/joseramondiez-bn-cuadrada.jpg?itok=onBpj1ja" width="136" height="136" alt="Jos茅 Ram贸n D铆ez" loading="lazy" typeof="foaf:Image" /></div></div><div class="author-info"><div class="nom"><div class="name field"> Jos茅 Ram贸n D铆ez</div></div></div> </a></div></div></div><div class="created">November 18th, 2024</div></div></article></div></div></div></div></li><li class="menu-item menu-item--expanded"> <a href="/en/sectoral-analysis" data-drupal-link-system-path="taxonomy/term/15">Sectoral analysis</a><div class="menu-desplegable menu_visual_1"><div class="container menu_visual_1"><div class="col-left"><div class="content-visual-menu"><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"><ul class="menu menu-level-1"><li class="menu-item"> <a href="/en/sectoral-analysis/agrifood" data-drupal-link-system-path="taxonomy/term/16">Agrifood</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/banking" data-drupal-link-system-path="taxonomy/term/17">Banking</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/retail" data-drupal-link-system-path="taxonomy/term/1073">Retail</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/consumption" data-drupal-link-system-path="taxonomy/term/1075">Consumption</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/digitalisation" data-drupal-link-system-path="taxonomy/term/1079">Digitalisation</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/industry" data-drupal-link-system-path="taxonomy/term/1074">Industry</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/real-estate" data-drupal-link-system-path="taxonomy/term/19">Real Estate</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/tourism" data-drupal-link-system-path="taxonomy/term/20">Tourism</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis" data-drupal-link-system-path="taxonomy/term/15">View all about Sectoral analysis</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li></ul></div></div></div><div class="js-view-dom-id-9f81c1da7b70cf4b419ab77b8a3ca244f4593b9f2f98f32a0d1e096320153cd9 col-right"><div class="content-article-menu"> <article data-history-node-id="12946" role="article" about="/en/sectoral-analysis/agrifood/agrifood-sector-begins-recover-2024" typeof="schema:Article" data-type="article"><div class="field_thumbnail field"><div class="field_media_image field"> <img src="/sites/default/files/styles/menu_destacado/public/content/image/2024/11/11/34529/agroalimentario-espana-michael-lechner-ky2e8df3gxo-unsplash.jpg?itok=xEymc3LH" width="400" height="200" alt="Campo de trigo segado. Photo by Michael Lechner on Unsplash" loading="lazy" typeof="foaf:Image" /></div></div><h2><a href="/en/sectoral-analysis/agrifood/agrifood-sector-begins-recover-2024"><span property="schema:name">The Agrifood Sector Begins to Recover in 2024</span></a></h2><div class="category primary_color"><div class="field_seccion field"> Spanish economy</div></div><div class="box_author_date box_ad box_with_image"><div class="field_author multiple"><div class="autor"><div about="/en/author/pedro-alvarez-ondina" class="author-complete-teaser"> <a href="/en/author/pedro-alvarez-ondina"><div class="field_fotografia field"><div class="field_media_image field"> <img src="/sites/default/files/styles/index_autor/public/content/image/2022/03/22/34454/pedroalvarez-bn-cuadrada.jpg?itok=UeXzHu7H" width="136" height="136" alt="Pedro 脕lvarez" loading="lazy" typeof="foaf:Image" /></div></div><div class="author-info"><div class="nom"><div class="name field"> Pedro 脕lvarez Ondina</div></div></div> </a></div></div></div><div class="created">November 14th, 2024</div></div></article></div></div></div></div></li><li class="menu-item menu-item--expanded"> <a href="/en/geographical-areas" data-drupal-link-system-path="taxonomy/term/211">Geographical areas</a><div class="menu-desplegable menu_visual_1"><div class="container menu_visual_1"><div class="col-left"><div class="content-visual-menu"><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"><ul class="menu menu-level-1"><li class="menu-item"> <a href="/en/areas-geograficas/spain" data-drupal-link-system-path="taxonomy/term/212">Spain</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/areas-geograficas/portugal" data-drupal-link-system-path="taxonomy/term/213">Portugal</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/areas-geograficas/international" data-drupal-link-system-path="taxonomy/term/792">International</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/geographical-areas" data-drupal-link-system-path="taxonomy/term/211">View all about Geographical areas</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li></ul></div></div></div><div class="js-view-dom-id-ed1c0b5f6252a2d589b8ce83a966d66f35fc7e095ccb29d6bb03e9aeeaf8dfa8 col-right"><div class="content-article-menu"> <article data-history-node-id="12950" role="article" about="/en/economics-markets/activity-growth/spain-2025-dynamic-growth-albeit-slightly-lower-2024" typeof="schema:Article" data-type="article"><div class="field_thumbnail field"><div class="field_media_image field"> <img src="/sites/default/files/styles/menu_destacado/public/content/image/2024/11/08/34529/ico_im_11_24_roja_n.jpg?itok=mbtY6ro1" width="400" height="200" alt="Perspectivas 2025" loading="lazy" typeof="foaf:Image" /></div></div><h2><a href="/en/economics-markets/activity-growth/spain-2025-dynamic-growth-albeit-slightly-lower-2024"><span property="schema:name">Spain 2025: dynamic growth, albeit slightly lower than in 2024</span></a></h2><div class="category primary_color"><div class="field_seccion field"> Dossier</div></div><div class="box_author_date box_ad box_no_image"><div class="field_author multiple"><div class="autor"><div about="/en/author/oriol-carreras-baquer" class="author-name-teaser"><div class="nom"><a href="/en/author/oriol-carreras-baquer"><div class="name field"> Oriol Carreras Baquer</div> </a></div></div></div><div class="autor"><div about="/en/author/javier-garcia-arenas" class="author-name-teaser"><div class="nom"><a href="/en/author/javier-garcia-arenas"><div class="name field"> Javier Garc铆a Arenas</div> </a></div></div></div></div><div class="created">November 19th, 2024</div></div></article></div></div></div></div></li><li class="menu-item menu-item--expanded"> <a href="/en/publications" data-drupal-link-system-path="taxonomy/term/43">Publications</a><div class="menu-desplegable menu_visual_4"><div class="container menu_visual_4"><div class="col-double"><div class="content-visual-menu"><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"><ul class="menu menu-level-1"><li class="menu-item"> <a href="/en/publicaciones/monthly-report" data-drupal-link-system-path="taxonomy/term/48">Monthly Report</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/pulso-economico-semanal" data-drupal-link-system-path="taxonomy/term/52">Pulso Econ贸mico Semanal</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/financial-markets-daily-report" data-drupal-link-system-path="taxonomy/term/47">Financial Markets Daily Report</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/notas-breves-actualidad-economica-y-financiera" data-drupal-link-system-path="taxonomy/term/51">Notas Breves de Actualidad Econ贸mica y Financiera</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/monitor-consumo" data-drupal-link-system-path="taxonomy/term/1044">Monitor de consumo</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publications/sectoral-reports" data-drupal-link-system-path="taxonomy/term/50">Sectoral Reports</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publications/spains-macroeconomic-financial-outlook" data-drupal-link-system-path="node/2616">Spain's Macroeconomic & Financial Outlook</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/autonomous-community-profiles" data-drupal-link-system-path="taxonomy/term/1086">Autonomous Community Profiles</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publications/portugals-macroeconomic-financial-outlook" data-drupal-link-system-path="node/2617">Portugal's Macroeconomic & Financial Outlook</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/country-outlook" data-drupal-link-system-path="taxonomy/term/46">Country Outlook</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/flash-divisas" data-drupal-link-system-path="taxonomy/term/1166">Flash Divisas</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/podcasts" data-drupal-link-system-path="taxonomy/term/62">P贸dcast Econom铆a Expr茅s</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/videos" data-drupal-link-system-path="taxonomy/term/61">Videos</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/working-papers" data-drupal-link-system-path="taxonomy/term/53">Working Papers</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/hemeroteca/academic-articles" data-drupal-link-system-path="taxonomy/term/58">Academic articles</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/economist-conferences" data-drupal-link-system-path="taxonomy/term/73">Conferences</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/archives" data-drupal-link-system-path="taxonomy/term/49">Archives</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publications" data-drupal-link-system-path="taxonomy/term/43">View all about Publications</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li></ul></div></div></div></div></div></li><li class="menu-item"> <a href="https://realtimeeconomics.caixabankresearch.com/#/home?lang=ENG" target="_blank">Real-Time Economics</a></li></ul> </nav><div id="block-caixabank-lupa" class="block block--fancy block_content:4f09ab03-9b04-4d1e-8887-01f5ffec8359 block-caixabank-lupa"> <svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" version="1.1" id="Layer_1" x="0px" y="0px" width="23.234px" height="23.551px" viewBox="0 0 23.234 23.551" xml:space="preserve"> <circle fill="none" stroke="#009DDC" stroke-width="2" stroke-linecap="round" stroke-miterlimit="10" cx="9.852" cy="9.667" r="8.5"></circle> <line fill="none" stroke="#009DDC" stroke-width="2" stroke-linecap="round" stroke-miterlimit="10" x1="15.852" y1="16.167" x2="22.352" y2="22.667"></line> </svg></div></div></div></header><main role="main"> <a id="main-content" tabindex="-1"></a><div class="layout-content container"><div class="context-header menu"><div class="context-header-top"><div class="breadcrumb view-contexto-menu-tematicas"><div class="bread-level-0"></div><h1 class="bread-level-1"><a href="/en/economics-markets" hreflang="en">Economics & Markets</a></h1></div></div><div class="buttons-subcategories view-contexto-menu-tematicas"><div class="btn bordered blue"><a href="/en/economics-markets/activity-growth" hreflang="en">Activity & growth</a></div><div class="btn bordered blue"><a href="/en/economics-markets/commodities" hreflang="en">Commodities</a></div><div class="btn bordered blue"><a href="/en/economics-markets/financial-markets" hreflang="en">Financial markets</a></div><div class="btn bordered blue"><a href="/en/economics-markets/inflation" hreflang="en">Inflation</a></div><div class="btn bordered blue"><a href="/en/economics-markets/labour-market-demographics" hreflang="en">Labour market & demographics</a></div><div class="btn bordered blue"><a href="/en/economics-markets/monetary-policy" hreflang="en">Monetary policy</a></div><div class="btn bordered blue"><a href="/en/economics-markets/public-sector" hreflang="en">Public sector</a></div><div class="btn bordered blue"><a href="/en/economics-markets/recent-developments" hreflang="en">Recent developments</a></div></div></div><div class="content"><div data-drupal-messages-fallback class="hidden"></div><div id="block-caixabank-content" class="block block--fancy system_main_block block-caixabank-content"><div about="/en/economics-markets" class="term categories subhome_tema"><div class="field_tx_paragraph"><div class="paragraph ptype_subhome-tema pmode_default"><div class="field_g_tax_1 field"><div about="/en/taxonomy/term/178" class="term vistas default"><div class="highlighted-top js-view-dom-id-54fb98959804cd228fdd966f8e91a1d46f975eccee54a4a21a8f3ce62219c866 view-subhome-tema-destacados"> <article data-history-node-id="12982" role="article" lang="es" about="/en/monitor-de-consumo/flash-semanal-consumo-14-noviembre-0" class="node content-header monitor-de-consumo destacado-subhome-tema"><div class="info"><div class="category "> <a href="/es/etiquetas/monitor-consumo" hreflang="es">Monitor de consumo</a></div><h2 class="h1"><a href="/en/monitor-de-consumo/flash-semanal-consumo-14-noviembre-0"><span>Flash semanal de consumo | Hasta el 14 de noviembre</span></a></h2><div class="body field"><p><span><span>El consumo de los espa帽oles se mantiene d茅bil en la segunda semana de noviembre.</span></span></p></div><div class="autor-fecha slash has_photo"><div class="field_author single "><div class="autor"><div about="/en/author/zoel-martin-vilato" class="author-complete-teaser"> <a href="/en/author/zoel-martin-vilato"><div class="field_fotografia field"><div class="field_media_image field"> <img src="/sites/default/files/styles/index_autor/public/content/image/2023/10/03/49/Zoel%20Martin.jpg?itok=Vbt-a5nh" width="136" height="136" alt="Zoel Mart铆n Vilat贸" loading="lazy" typeof="foaf:Image" /></div></div><div class="author-info"><div class="nom"><div class="name field"> Zoel Mart铆n Vilat贸</div></div></div> </a></div></div></div><div class="fecha">22 November 2024</div></div></div><div class="image"> <a href="/en/monitor-de-consumo/flash-semanal-consumo-14-noviembre-0"><div class="field_imagen field"> <article><div class="field_media_image field"> <img src="/sites/default/files/styles/destacado/public/content/image/2023/03/30/49/ICO_Monitor_Consumo.jpg?itok=6ncvf6f_" width="670" height="399" alt="Monitor de consumo semanal" loading="lazy" typeof="foaf:Image" /></div> </article></div> </a></div></article><article data-history-node-id="12980" role="article" lang="es" about="/en/publications/notas-breves-actualidad-economica-y-financiera/spain/precio-vivienda-avanzo-60" class="node content-header brief-note destacado-subhome-tema"><div class="info"><div class="category "> <a href="/es/tags/inmobiliario" hreflang="es">Inmobiliario</a></div><h2 class="h1"><a href="/en/publications/notas-breves-actualidad-economica-y-financiera/spain/precio-vivienda-avanzo-60"><span>El precio de la vivienda avanz贸 un 6,0% interanual en el 3T 2024</span></a></h2><div class="body field"><p><span><span><span>El valor de tasaci贸n de la vivienda libre volvi贸 a crecer con fuerza en el 3T 2024, con un aumento muy din谩mico, del 1,3% intertrimestral. En t茅rminos interanuales, el precio se aceler贸 3 d茅cimas respecto al trimestre anterior (6,0% en el 3T 2024 frente al 5,7% del 2T). A pesar de esta tendencia alcista, cabe se帽alar que el valor de tasaci贸n, en t茅rminos nominales, a煤n se encuentra un 8,6% por debajo del m谩ximo registrado en el 1T 2008. En t茅rminos reales (ajustando por la inflaci贸n), el valor tasado de la vivienda libre se encuentra un 33% por debajo del m谩ximo.</span></span></span></p></div><div class="autor-fecha slash no_photo"><div class="field_author multiple "><div class="autor"><div about="/en/author/judit-montoriol-garriga" class="author-name-teaser"><div class="nom"><a href="/en/author/judit-montoriol-garriga"><div class="name field"> Judit Montoriol Garriga</div> </a></div></div></div><div class="autor"><div about="/en/author/pedro-alvarez-ondina" class="author-name-teaser"><div class="nom"><a href="/en/author/pedro-alvarez-ondina"><div class="name field"> Pedro 脕lvarez Ondina</div> </a></div></div></div></div><div class="fecha">21 November 2024</div></div></div><div class="image"> <a href="/en/publications/notas-breves-actualidad-economica-y-financiera/spain/precio-vivienda-avanzo-60"><div class="field_imagen field"> <article><div class="field_media_image field"> <img src="/sites/default/files/styles/destacado/public/content/image/2022/06/21/49/ico_nb_inmobiliario_espanya.jpg?itok=cfukXrxr" width="670" height="399" alt="Inmobiliario Espa帽a" loading="lazy" typeof="foaf:Image" /></div> </article></div> </a></div></article></div></div></div></div><div class="paragraph ptype_subhome-tema pmode_default"><div class="field_g_tax_1 field"><div about="/en/taxonomy/term/179" class="term vistas default"><div class="three-col border-bottom view view-eva view-subhome-tema-articulos view-id-subhome_tema_articulos view-display-id-attachment_1 js-view-dom-id-6e132c0acddd2848d7d9da05221cfc676e680a74f150ec4e529c899256aa15a4 view-lista-articulos"><div class="flex three-columns-gap20 wrap"> <article data-history-node-id="10357" role="article" about="/en/publications/autonomous-community-profiles/murcia-region" class="node ficha-comunidad-autonoma teaser-llista-articles"> <a href="/en/publications/autonomous-community-profiles/murcia-region"><div class="field_imagen field"><div class="field_media_image field"> <img src="/sites/default/files/styles/teaser/public/content/image/2021/12/27/34454/cc_murcia.jpg?itok=2d5HNbyF" width="433" height="289" alt="Murcia" loading="lazy" typeof="foaf:Image" /></div></div> </a><div class="category "><div class="item"> <a href="/en/economics-markets/activity-growth" hreflang="en">Activity & growth</a></div></div><h2 class="teaser_title"><a href="/en/publications/autonomous-community-profiles/murcia-region"><span>Murcia Region</span></a></h2><div class="autor-fecha slash"><div class="fecha"> 20 Nov 2024</div></div></article><article data-history-node-id="12959" role="article" about="/en/economics-markets/recent-developments/spanish-economy-continues-beat-expectations" typeof="schema:Article" class="node article teaser-llista-articles"> <a href="/en/economics-markets/recent-developments/spanish-economy-continues-beat-expectations"><div class="field_thumbnail field"><div class="field_media_image field"> <img src="/sites/default/files/styles/teaser/public/content/image/2024/11/11/34529/opinion-margaritas-nenad-tocilovac-ue5ih3vfhy4-unsplash.jpg?itok=6U1z3Wnx" width="433" height="289" alt="Margaritas. Photo by Nenad Tocilovac on Unsplash" loading="lazy" typeof="foaf:Image" /></div></div> </a><div class="category "> <a href="/en/tags/opinion" hreflang="en">Opinion</a></div><h2 class="teaser_title"><a href="/en/economics-markets/recent-developments/spanish-economy-continues-beat-expectations"><span property="schema:name">The Spanish economy continues to beat expectations</span></a></h2><div class="autor-fecha slash"><div class="field_author single "><div class="autor"><div about="/en/author/oriol-aspachs" class="author-name-teaser"><div class="nom"><a href="/en/author/oriol-aspachs"><div class="name field"> Oriol Aspachs</div> </a></div></div></div></div><div class="fecha"> 19 Nov 2024</div></div></article><article data-history-node-id="12961" role="article" about="/en/economics-markets/monetary-policy/balance-sheets-not-so-visible-normalisation-monetary-policy" typeof="schema:Article" class="node article teaser-llista-articles"> <a href="/en/economics-markets/monetary-policy/balance-sheets-not-so-visible-normalisation-monetary-policy"><div class="field_thumbnail field"><div class="field_media_image field"> <img src="/sites/default/files/styles/teaser/public/content/image/2021/10/07/34529/politica-monetaria-engranaje.jpg?itok=wSbU3qk9" width="433" height="289" alt="Sobre la normalizaci贸n de la pol铆tica monetaria" loading="lazy" typeof="foaf:Image" /></div></div> </a><div class="category "> <a href="/en/economics-markets/monetary-policy" hreflang="en">Monetary policy</a></div><h2 class="teaser_title"><a href="/en/economics-markets/monetary-policy/balance-sheets-not-so-visible-normalisation-monetary-policy"><span property="schema:name">Balance sheets: the not-so-visible normalisation of monetary policy</span></a></h2><div class="autor-fecha slash"><div class="fecha"> 19 Nov 2024</div></div></article><article data-history-node-id="12964" role="article" about="/en/economics-markets/financial-markets/markets-all-eyes-central-banks-and-us-elections" typeof="schema:Article" class="node article teaser-llista-articles"> <a href="/en/economics-markets/financial-markets/markets-all-eyes-central-banks-and-us-elections"><div class="field_thumbnail field"><div class="field_media_image field"> <img src="/sites/default/files/styles/teaser/public/content/image/2024/11/19/34411/ico_im_10_mf_eng_0.jpg?itok=1UJXru-7" width="433" height="289" alt="IM2411 foto MF en" loading="lazy" typeof="foaf:Image" /></div></div> </a><div class="category "> <a href="/en/tags/financial-markets-outlook" hreflang="en">Financial markets outlook</a></div><h2 class="teaser_title"><a href="/en/economics-markets/financial-markets/markets-all-eyes-central-banks-and-us-elections"><span property="schema:name">The markets: all eyes on the central banks and US elections</span></a></h2><div class="autor-fecha slash"><div class="field_author single author_no_photo "><div class="autor"><div about="/en/taxonomy/term/1165" class="author-name-teaser"><div class="nom"><div class="name field"> CaixaBank Research</div></div></div></div></div><div class="fecha"> 19 Nov 2024</div></div></article><article data-history-node-id="12945" role="article" about="/en/economics-markets/activity-growth/sector-growth-2025-robust-and-across-board-some-differences" typeof="schema:Article" class="node article teaser-llista-articles"> <a href="/en/economics-markets/activity-growth/sector-growth-2025-robust-and-across-board-some-differences"><div class="field_thumbnail field"><div class="field_media_image field"> <img src="/sites/default/files/styles/teaser/public/content/image/2024/11/11/34529/ico_im_11_24_amarilla_n.jpg?itok=J1aMBC2H" width="433" height="289" alt="Perspectivas 2025" loading="lazy" typeof="foaf:Image" /></div></div> </a><div class="category "><div class="item"> <a href="/en/economics-markets/activity-growth" hreflang="en">Activity & growth</a></div></div><h2 class="teaser_title"><a href="/en/economics-markets/activity-growth/sector-growth-2025-robust-and-across-board-some-differences"><span property="schema:name">Sector growth in 2025: robust and across the board, but with some differences</span></a></h2><div class="autor-fecha slash"><div class="field_author single "><div class="autor"><div about="/en/author/judit-montoriol-garriga" class="author-name-teaser"><div class="nom"><a href="/en/author/judit-montoriol-garriga"><div class="name field"> Judit Montoriol Garriga</div> </a></div></div></div></div><div class="fecha"> 19 Nov 2024</div></div></article><article data-history-node-id="12942" role="article" about="/en/economics-markets/monetary-policy/monetary-policy-2025-dialling-back-time" typeof="schema:Article" class="node article teaser-llista-articles"> <a href="/en/economics-markets/monetary-policy/monetary-policy-2025-dialling-back-time"><div class="field_thumbnail field"><div class="field_media_image field"> <img src="/sites/default/files/styles/teaser/public/content/image/2024/11/08/34529/ico_im_11_24_verde_n.jpg?itok=se-c1mh6" width="433" height="289" alt="Perspectivas 2025" loading="lazy" typeof="foaf:Image" /></div></div> </a><div class="category "> <a href="/en/economics-markets" hreflang="en">Economics & Markets</a></div><h2 class="teaser_title"><a href="/en/economics-markets/monetary-policy/monetary-policy-2025-dialling-back-time"><span property="schema:name">Monetary policy in 2025: dialling-back time</span></a></h2><div class="autor-fecha slash"><div class="field_author single author_no_photo "><div class="autor"><div about="/en/taxonomy/term/1165" class="author-name-teaser"><div class="nom"><div class="name field"> CaixaBank Research</div></div></div></div></div><div class="fecha"> 19 Nov 2024</div></div></article></div><div class="btn bordered red"><div about="/en/economics-markets" class="term categories subhome_tema_link_to_all"> <a href="/en/economics-markets?all"><div class="more-about">More about </div><div class="name field"> Economics & Markets</div> </a></div></div></div></div></div></div><div class="paragraph ptype_publicacion-destacada pmode_default"></div><div class="paragraph ptype_temas-y-tendencias-relacionadas pmode_default"></div></div><div class="node_view"></div></div></div></div></div></main><footer role="contentinfo"><div class="container"><div class="logo_caixa_footer"> <a href="https://www.caixabankresearch.com/en" title="CaixaBank Research footer logo"> <svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" version="1.1" x="0px" y="0px" viewBox="0 0 469.7 126" style="enable-background:new 0 0 469.7 126;" xml:space="preserve"> <g> <path class="st0" d="M35.3,52.9c1,0.7,0.9,2,1.8,2.7l0.4,3l-2.2,3.2c-2.8,1.5-6.9,2.1-9.5-0.2c-1.5-1.3-1.9-3.2-1.5-5.1l1-2.8 c0.6-0.4,1.4-0.5,1.8-1.2c1.4-0.9,3.1-0.7,4.7-1C33,51.9,34.8,51.2,35.3,52.9"></path> <path class="st0" d="M28.1,70.7c0.9,0,1.5,0.6,2.3,0.5c1.2,0.4,1,1.9,2.2,2.2c0.9,1.9,1.5,3.9,2,5.9c-0.3,1.2,0.6,1.9,0.3,2.9 l0.3,0.2c0,1.1-0.1,2.4-0.5,3.5c0.2,2-0.8,3.8-1.7,5.5c-0.6,0.4-0.9,1.5-1.8,1.3c-1.6,0.5-1.7,2.8-3.6,2.6 c-1.2,0.9-2.9,0.4-4.3,0.4c-0.8-0.4-2-0.3-2.6-1.1c-1.5-0.6-2.8-1.7-4.1-2.7c-0.5-1.1-1.6-1.6-1.8-2.8c0.4-1.5-0.5-2.8-0.1-4.3 l-0.3-2.4l0.9-4.2c1.6-0.8,1.1-2.7,2.7-3.3c1-2.2,3.3-2.7,5.1-3.9c0.7-0.1,1.5,0.2,2.1-0.4C26.3,70.4,27.2,71.5,28.1,70.7"></path> <path class="st0" d="M107.8,5.6c-0.4,6.9-6.1,11.5-9,17.3c-1.3,3.5-4.3,5.5-6.5,8.6c-2,2-3.9,4.2-5.5,6.5c0.3,1.6,2,2.1,3,3.2 c2.2,1.3,2.4,3.8,4.3,5.3c1.1,0,1.1,1.7,2.3,1.5c2.6,2.8,4.7,5.7,6.8,8.7c0.3,1.1,0.9,2.1,1.8,2.9c1.7,2.5,3.1,5.1,4.9,7.7 c0.2,2.8,2.6,4.7,3.4,7.4c1.1,1.4,1.5,3.1,2.5,4.5c1.5,3.3,2.5,6.8,4.3,10c0.3,0.7-0.1,1.5-0.5,2c-0.7,0.5-1.2-0.4-2-0.3 c-4-1.5-7.8-3.6-11.5-5.8c-3.8-3.1-8-5.3-11.8-8.5c-1.5-0.4-2.1-2.1-3.4-2.8c-3.6-2.3-6.5-5.5-10.2-7.6c-1.7-1.3-3.3-2.5-5-3.8 c-1.3-0.1-1.7-1.6-2.9-2.1c-2.7-1.7-5.2-4-8-5.5c-0.2,0.4,0,1-0.2,1.4c-1.9,1.8-1.4,4.6-2.7,6.6c0,2.9-2.1,5-2.9,7.5 c-2.3,4.1-4.3,8.3-6.7,12.4c-3.2,4.2-4.9,9.3-9.4,12.7c-1,1.2-2.1,1.9-3.3,2.6c-0.5-0.2-1.3-0.1-1.5-0.7c-0.5-1,0.1-2.6-0.6-3.5 c0.6-1.4,0.2-3,0.5-4.6L38,88.5c0-2.1,1.1-4,0.7-6.2c0.6-1.4,0.8-2.9,1-4.4c0.7-1.9,1.3-3.9,1.5-5.9c0.6-1.2,0.9-2.7,0.7-4.1 c0.5-1.3,0.6-2.8,1.9-3.7c0.2-0.8,0-1.7,0.1-2.5c1.3-4,2.9-7.9,4-12c0-0.3-0.3-0.4-0.5-0.4c-2.9-0.1-5.6,0.4-8.3-0.3 c-4.4-0.1-8.8-0.6-13-1.5c-1.7-0.3-3.8-0.1-5.3-1.1c-1,0-2.2,0.2-3.2-0.3c-2-1-4.4-0.8-6.4-1.9c-1.5,0.2-2.6-0.8-4-0.9 c-1.3,0.1-2.1-1-3-1.8v-0.4c2.4-3.3,6.4-4.2,9.9-5.5c3.5-1.1,7.3-1.2,10.9-1.9c2.3-0.4,4.8,0.2,7.1-0.1c4.2,0.1,8.2,0.8,12.3,0.9 c1.4,0.2,2.6,0.8,4,0.8l0-0.6l-3.9-5.3c-1.5-3.4-4.1-6.3-5.1-9.9c-0.9-1.1-0.1-2.7-0.7-3.9c0-0.5,0.4-0.9,0.6-1.4 c0.8-0.3,1.8,0.2,2.6-0.3c2.5,0.6,4.8,1.5,7.3,2c2.6,1,5.2,2.1,7.5,3.8c2.9,2,6.4,3.4,8.6,6.5c0.6,0.5,1.5,0.6,2.3,0.4 c0.7-0.1,0.8-0.9,1.5-1.2c3-1.9,6.4-3,9.4-5.1c1.2-1.2,3.2-1.4,3.9-3c0.9-0.4,1.8-1,2.7-1.3c1.7-1.2,3.4-2.5,5.3-3.5 c1-0.1,1.8-0.6,2.5-1.2c3-1.7,6.2-3,9.1-4.9c0.6-1.7,2.5-1.3,3.9-1.7C106.5,4.8,107.5,4.7,107.8,5.6"></path> <rect x="142.4" y="85.2" class="st0" width="323.1" height="1.3"></rect> <rect x="142.4" y="86.4" class="st0" width="323.1" height="1.3"></rect> <path class="st0" d="M366.5,47.1c2-2.9,3.9-4.1,7.7-4.1c5.3,0,5.6,4.7,5.6,8.9c-1.1,0-2.4-0.2-3.7-0.2c-7.1,0-15,3.2-15,11.5 c0,5.8,5.2,9.1,10.6,9.1c3.4,0,5.9-1.9,8.6-3.8c0.9,2,3.3,3.4,6.2,3.8l5.9-4.7l-1.2-1.2c-0.5,0.2-1.3,0.3-1.6,0.3 c-1.7,0-2.3-1-2.3-4.6v-2.7c0.1-4.5,0.3-8.5,0.3-11.3c0-7.8-5.9-9.7-12.9-9.7c-3.7,0-6.8,0.5-10.1,1.4v7.4H366.5z M380.1,66.2 c-1.3,0.8-2.8,1.3-5.2,1.3c-3.3,0-6.1-2.7-6.1-6.3c0-5,3.8-6.9,7.4-6.9c1.4,0,2.9,0.2,3.7,0.4L380.1,66.2z"></path> <path class="st0" d="M192.7,27.3h-3.4c-2.5-7.5-10.3-10.5-17.2-10.5c-13.9,0-19.7,11.2-19.7,24.7c0,22.6,16.4,26.5,23,26.5 c6.5,0,12.4-2.8,15.9-8.4l2.5,1l-2.5,8.9c-6.4,1.2-10.4,1.8-15.6,1.8c-23.9,0-34.4-14.8-34.4-29.2c0-16.5,12.7-28.7,30.7-28.7 c10.4,0,14.4,1.8,20.1,3.2L192.7,27.3z"></path> <path class="st0" d="M217.1,54.7c-0.9-0.2-2.4-0.4-3.8-0.4c-3.6,0-7.4,1.9-7.4,6.9c0,3.6,2.8,6.3,6.1,6.3c2.4,0,4-0.5,5.3-1.3 L217.1,54.7z M201.8,47.1v-7.4c3.3-0.9,6.4-1.4,10.1-1.4c7,0,12.9,1.9,12.9,9.7c0,2.8-0.2,6.9-0.3,11.4V62c0,3.6,0.6,4.6,2.4,4.6 c0.4,0,1.1-0.1,1.6-0.3l1.2,1.2l-5.9,4.7c-3-0.4-5.3-1.9-6.3-3.8c-2.7,2-5.2,3.8-8.6,3.8c-5.3,0-10.6-3.3-10.6-9.1 c0-8.3,7.9-11.5,15-11.5c1.3,0,2.6,0.2,3.7,0.2c0-4.2-0.3-8.9-5.6-8.9c-3.8,0-5.8,1.3-7.8,4.2H201.8z"></path> <path class="st0" d="M238.6,25.1c2.3,0,4.3,1.6,4.3,4c0,2.3-2,4-4.3,4c-2.3,0-4.3-1.6-4.3-4C234.3,26.7,236.3,25.1,238.6,25.1 M242.5,38.3c0,3.3,0.3,10.2,0.3,16.6v11.4c0,2.7,1.2,3.1,3.1,3.5v1.6c-2.4,0-4.7-0.2-7-0.2c-2.1,0-4.2,0.2-6.3,0.2v-1.6 c1.9-0.5,2.7-0.9,2.7-3.5v-9.7c0-5.6-0.5-8.8-1.1-10.4c-0.6-1.6-1.4-2.1-3.3-2.4v-1.6c3.6-0.9,7.8-2.3,10.1-3.9H242.5z"></path> <path class="st0" d="M249.7,69.9c2.5-0.4,4.2-2.3,5.2-3.7l7.6-9.7l-9-12.2c-1.5-2-2-2.5-4.3-3.5v-1.6c2.3,0.1,4.8,0.2,7.1,0.2 c2.3,0,4.7-0.2,7-0.2v1.6c-0.9,0.5-1.6,0.6-1.6,1.8c0,0.5,0.2,1.6,0.9,2.5l4.3,5.9l3.8-5.1c0.8-1.1,1.2-2,1.2-2.6 c0-1.5-0.9-2-2.2-2.5v-1.6c2.1,0.1,4.1,0.2,6.3,0.2c2,0,4.2-0.2,6.2-0.2v1.6c-3.1,0.7-4.7,2.6-6.4,4.8l-6.7,8.5l8.5,11.8 c1.2,1.6,3,3.5,4.9,4.1v1.6c-2.3-0.1-4.6-0.2-7-0.2c-2.4,0-4.6,0.2-7,0.2v-1.6c0.9-0.1,1.6-0.9,1.6-1.7c0-0.5-0.6-1.7-1.3-2.7 l-4.2-6l-4.2,5.7c-0.5,0.7-1.1,2.2-1.1,2.9c0,1.2,0.6,1.6,1.6,1.8v1.6c-2-0.1-4.2-0.2-6.2-0.2c-1.7,0-3.4,0.2-5.1,0.2V69.9z"></path> <path class="st0" d="M303.4,54.7c-0.9-0.2-2.4-0.4-3.8-0.4c-3.6,0-7.4,1.9-7.4,6.9c0,3.6,2.8,6.3,6.1,6.3c2.4,0,4-0.5,5.2-1.3 L303.4,54.7z M288.1,47.1v-7.4c3.3-0.9,6.4-1.4,10.1-1.4c7,0,12.9,1.9,12.9,9.7c0,2.8-0.2,6.9-0.3,11.4V62c0,3.6,0.6,4.6,2.3,4.6 c0.4,0,1.1-0.1,1.7-0.3l1.2,1.2l-5.9,4.7c-3-0.4-5.3-1.9-6.3-3.8c-2.7,2-5.2,3.8-8.6,3.8c-5.3,0-10.6-3.3-10.6-9.1 c0-8.3,7.9-11.5,15-11.5c1.3,0,2.6,0.2,3.7,0.2c0-4.2-0.3-8.9-5.6-8.9c-3.8,0-5.8,1.3-7.8,4.2H288.1z"></path> <path class="st0" d="M331.3,45.4c1.6,0,2.9-0.1,4.2-0.1c7.5,0,11.9,5.3,11.9,12.4c0,6-4,10.9-10.7,10.9c-4.9,0-5.4-0.8-5.4-5V45.4z M322.9,64.8c0,3.4-1,4.5-4.5,4.9v1.4h13.5c1.1,0,2.2,0.1,3.2,0.2c1.1,0.1,2.2,0.2,3.2,0.2c8.5,0,18.6-3.3,18.6-13.4 c0-8.1-4.9-12.3-12.3-14.3v-0.2c5.9-1.9,11.3-6.2,11.3-12.8c0-10.2-10.5-13.9-19.2-13.9c-1.9,0-3.7,0.3-7.2,0.3 c-3.1,0-6.3-0.3-10.2-0.3v1.7c2.1,0.3,3.4,1,3.4,4c0,7,0.2,17,0.2,26.3V64.8z M331.7,21.2c0-1.5,0.9-1.6,3.1-1.6 c8.4,0,11.7,4.5,11.7,11.4c0,6.8-4.7,11.1-11.7,11.1c-1,0-2.1-0.1-3.5-0.2L331.7,21.2z"></path> <path class="st0" d="M393.8,43.7c2.3,0,3.4,1.3,3.4,3.6c0,2.5,0.4,6.7,0.4,11.3v7.7c0,2.7-0.9,3-2.9,3.7v1.6c2.2,0,4.5-0.2,6.6-0.2 c2.3,0,4.5,0.2,6.7,0.2v-1.6c-2.1-0.2-2.9-0.9-2.9-3.7v-6.4c0-6.1,0.2-10.5,0.2-13.4c0-2.9,5-3.7,6.6-3.7c5.6,0,6.4,5.8,6.4,10 v13.5c0,2.7-0.6,3.2-2.8,3.7v1.6c2.5,0,4.9-0.2,7.4-0.2c2,0,3.8,0.2,5.8,0.2v-1.6c-2.2-0.6-2.8-1.2-2.8-3.7V49.6 c0-6.6-3-11.3-10.8-11.3c-3.3,0-6.8,2-9.5,3.8c0.1-1.3,0.1-2.6,0.2-3.9h-1.6c-3,1.9-5.8,3-10.4,3.9V43.7z"></path> <path class="st0" d="M465.5,69.8c-2.3-0.7-5.2-3.2-6.2-4.4l-11.8-13.8l6-6.3c1.9-2,4.5-3.7,7.3-4.5v-1.6c-2,0.2-3.9,0.2-5.9,0.2 c-2.1,0-4.3-0.1-6.4-0.2v1.6c0.7,0.3,1.4,1.3,1.4,2c0,0.9-0.4,2-2,3.7l-6.4,6.3V15.9h-1.7c-2.8,2.1-6.5,3.7-10.4,4.8v1.8 c2,0,3.7,1.9,3.9,5.1c0.2,3,0.6,8.8,0.6,13.4v25.3c0,1.7-0.6,3.1-3,3.5v1.6c2.1-0.2,4.1-0.2,6.3-0.2c2.3,0,4.6,0.2,7,0.2v-1.6 c-1.9-0.4-2.7-1.3-2.7-3.7V55.4h0.2l8.1,8.8c1.3,1.5,2.3,3.3,2.3,4.1c0,0.8-0.5,1.4-1.2,1.4v1.6c2.7,0,5.3-0.2,8-0.2 c2.3,0,4.5,0.2,6.8,0.2V69.8z"></path> <rect x="142.4" y="86.4" class="st0" width="323.1" height="1.3"></rect> <path class="st0" d="M351.9,120.9h5.3l1.5-7c0.1-0.6,0.3-1.1,0.5-1.6c0.2-0.5,0.5-1,0.8-1.3c0.3-0.4,0.7-0.7,1.1-0.9 c0.4-0.2,0.9-0.3,1.5-0.3c0.7,0,1.2,0.2,1.6,0.5c0.3,0.4,0.5,0.8,0.5,1.2c0,0.4,0,0.8-0.1,1.2c-0.1,0.4-0.2,0.8-0.2,1.2l-1.5,7.1 h5.4l1.4-7.1c0.1-0.4,0.1-0.8,0.2-1c0.1-0.3,0.1-0.5,0.1-0.8c0-0.2,0-0.5,0.1-0.7c0-0.2,0-0.4,0-0.7c0-0.7-0.1-1.4-0.3-2.1 c-0.2-0.6-0.5-1.2-0.9-1.7c-0.4-0.5-0.9-0.8-1.5-1.1c-0.6-0.3-1.3-0.4-2-0.4c-1.2,0-2.3,0.3-3.2,0.7c-0.9,0.5-1.6,1.1-2.1,1.8H360 l1.9-8.9h-5.3L351.9,120.9z M350.5,116.8c-0.6,0.2-1.1,0.4-1.6,0.5c-0.5,0.1-1.1,0.2-1.8,0.2c-0.6,0-1.1-0.1-1.5-0.3 c-0.4-0.2-0.8-0.4-1.1-0.7c-0.3-0.3-0.6-0.7-0.7-1.1s-0.2-0.8-0.2-1.3c0-1.6,0.4-2.8,1.3-3.6c0.9-0.8,2-1.3,3.4-1.3 c0.6,0,1.2,0.1,1.7,0.2c0.6,0.1,1.1,0.3,1.7,0.6l1.1-3.7c-0.8-0.3-1.6-0.6-2.5-0.8c-0.9-0.2-1.7-0.3-2.3-0.3c-1.5,0-2.8,0.2-4,0.7 c-1.2,0.5-2.2,1.1-3.1,1.9c-0.9,0.8-1.5,1.8-2,2.9c-0.5,1.1-0.7,2.3-0.7,3.5c0,1,0.2,1.9,0.5,2.7c0.3,0.8,0.8,1.6,1.4,2.2 c0.6,0.6,1.4,1.1,2.3,1.5c0.9,0.4,1.9,0.6,3,0.6c1,0,1.9-0.1,2.6-0.2c0.7-0.1,1.3-0.2,1.9-0.4L350.5,116.8z M327.9,105.7 c-0.1,0.7-0.2,1.4-0.3,2c-0.1,0.7-0.2,1.3-0.4,2l-2.4,11.3h5.3l1.5-7c0.1-0.6,0.3-1.1,0.5-1.6c0.2-0.5,0.5-1,0.8-1.3 c0.3-0.4,0.7-0.7,1.1-0.9c0.4-0.2,0.9-0.3,1.5-0.3c0.5,0,1,0,1.3,0.1c0.4,0.1,0.8,0.3,1.1,0.5l1.2-4.7c-0.3-0.2-0.7-0.3-1.1-0.3 c-0.4,0-0.8-0.1-1.1-0.1c-0.5,0-1.1,0.1-1.5,0.3c-0.5,0.2-0.9,0.5-1.3,0.8c-0.4,0.3-0.8,0.7-1.1,1.1c-0.3,0.4-0.6,0.9-0.8,1.3h-0.1 l0.6-3.1H327.9z M317.3,120.9h4.3c0.1-1.1,0.3-2.2,0.5-3.2c0.2-1,0.4-1.9,0.6-2.8c0.2-0.9,0.4-1.7,0.5-2.4c0.1-0.7,0.2-1.4,0.2-2 c0-0.9-0.2-1.7-0.5-2.4c-0.4-0.7-0.8-1.2-1.4-1.6c-0.6-0.4-1.3-0.7-2.1-0.9c-0.8-0.2-1.7-0.3-2.6-0.3c-1.2,0-2.2,0.1-3.1,0.2 c-0.9,0.2-1.7,0.4-2.5,0.6l-0.5,3.8c0.9-0.4,1.7-0.8,2.4-0.9c0.7-0.2,1.6-0.3,2.5-0.3c0.9,0,1.6,0.2,2.1,0.6 c0.5,0.4,0.7,0.8,0.7,1.4v0.3c0,0.1,0,0.2-0.1,0.3c-0.4,0-0.8-0.1-1.3-0.1c-0.5,0-1,0-1.5,0c-1.2,0-2.3,0.1-3.3,0.4 c-1,0.2-1.9,0.6-2.7,1c-0.8,0.5-1.4,1-1.8,1.7c-0.4,0.7-0.7,1.5-0.7,2.5c0,1.5,0.4,2.6,1.3,3.3c0.9,0.7,2.1,1.1,3.8,1.1 c1,0,2-0.2,2.9-0.6c0.9-0.4,1.6-1,2.2-1.9v-0.1l0.1,0.1L317.3,120.9z M313.4,114.6c0.8-0.4,1.9-0.6,3.1-0.5c0.2,0,0.4,0,0.7,0 c0.3,0,0.5,0,0.7,0.1c-0.2,1-0.6,1.9-1.3,2.6c-0.7,0.7-1.6,1-2.7,1c-0.6,0-1-0.2-1.3-0.5c-0.3-0.3-0.5-0.7-0.5-1 C312.2,115.6,312.6,115,313.4,114.6 M303.6,116.7c-0.7,0.4-1.5,0.6-2.4,0.8c-0.9,0.2-1.7,0.3-2.4,0.3c-0.8,0-1.5-0.1-2-0.2 c-0.5-0.1-0.9-0.3-1.2-0.6c-0.3-0.3-0.5-0.6-0.6-0.9c-0.1-0.4-0.2-0.7-0.2-1.2h10.8c0.1-0.2,0.1-0.5,0.1-0.7c0-0.3,0.1-0.5,0.1-0.8 c0-0.3,0.1-0.5,0.1-0.7c0-0.2,0-0.4,0-0.6c0-1.1-0.2-2.1-0.5-3c-0.4-0.8-0.8-1.5-1.5-2.1c-0.6-0.5-1.4-0.9-2.2-1.2 c-0.9-0.3-1.8-0.4-2.8-0.4c-1.7,0-3.1,0.3-4.3,0.9c-1.2,0.6-2.1,1.4-2.8,2.3c-0.7,0.9-1.2,1.9-1.6,2.9c-0.3,1.1-0.5,2-0.5,2.9 c0,1,0.2,1.9,0.5,2.7c0.3,0.8,0.8,1.6,1.5,2.2c0.7,0.6,1.5,1.1,2.5,1.5c1,0.4,2.1,0.6,3.4,0.6c0.8,0,1.6-0.1,2.5-0.2 c0.9-0.1,1.9-0.4,2.8-0.6L303.6,116.7z M295.1,111.9c0.1-0.4,0.2-0.7,0.5-1.1c0.2-0.4,0.5-0.7,0.8-1c0.3-0.3,0.7-0.5,1.1-0.7 c0.4-0.2,0.9-0.3,1.5-0.3c0.5,0,0.9,0.1,1.2,0.2c0.3,0.2,0.6,0.4,0.8,0.7c0.2,0.3,0.3,0.6,0.4,1c0.1,0.4,0.1,0.7,0.1,1.2H295.1z M274.1,120.5c0.8,0.2,1.8,0.4,2.9,0.6c1.1,0.2,2.3,0.2,3.5,0.2c1,0,1.9-0.2,2.8-0.4c0.9-0.2,1.6-0.6,2.3-1.1 c0.6-0.5,1.2-1.1,1.5-1.8c0.4-0.7,0.6-1.5,0.6-2.5c0-0.6-0.2-1.2-0.5-1.6c-0.3-0.4-0.7-0.8-1.2-1.1c-0.5-0.3-1-0.6-1.6-0.8 c-0.6-0.2-1.1-0.4-1.6-0.6c-0.5-0.2-0.9-0.4-1.2-0.6c-0.3-0.2-0.5-0.4-0.5-0.7c0-0.3,0.1-0.5,0.2-0.6c0.1-0.2,0.3-0.3,0.6-0.4 c0.2-0.1,0.5-0.2,0.8-0.2c0.3,0,0.6-0.1,0.9-0.1c0.8,0,1.5,0.1,2.2,0.2c0.7,0.1,1.3,0.4,2,0.6l1.1-3.5c-1-0.3-1.9-0.5-2.8-0.7 c-0.9-0.1-1.6-0.2-2.3-0.2c-0.9,0-1.8,0.1-2.7,0.3c-0.9,0.2-1.7,0.5-2.5,0.9c-0.7,0.4-1.3,0.9-1.8,1.6c-0.5,0.6-0.7,1.4-0.7,2.3 c0,0.8,0.2,1.5,0.5,2c0.3,0.5,0.7,1,1.2,1.3c0.5,0.3,1,0.6,1.5,0.8c0.5,0.2,1,0.4,1.5,0.5c0.5,0.2,0.9,0.3,1.2,0.6 c0.3,0.2,0.5,0.5,0.5,0.9c0,0.3-0.1,0.6-0.3,0.7c-0.2,0.2-0.5,0.3-0.8,0.4c-0.3,0.1-0.6,0.1-1,0.2c-0.3,0-0.6,0-0.8,0 c-1.5,0-2.9-0.3-4.3-0.9L274.1,120.5z M271.1,116.7c-0.7,0.4-1.5,0.6-2.4,0.8c-0.9,0.2-1.7,0.3-2.4,0.3c-0.8,0-1.5-0.1-2-0.2 c-0.5-0.1-0.9-0.3-1.2-0.6c-0.3-0.3-0.5-0.6-0.6-0.9c-0.1-0.4-0.2-0.7-0.2-1.2h10.8c0.1-0.2,0.1-0.5,0.1-0.7c0-0.3,0.1-0.5,0.1-0.8 c0-0.3,0.1-0.5,0.1-0.7c0-0.2,0-0.4,0-0.6c0-1.1-0.2-2.1-0.5-3c-0.4-0.8-0.8-1.5-1.5-2.1c-0.6-0.5-1.4-0.9-2.2-1.2 c-0.9-0.3-1.8-0.4-2.8-0.4c-1.7,0-3.1,0.3-4.3,0.9c-1.2,0.6-2.1,1.4-2.8,2.3c-0.7,0.9-1.2,1.9-1.6,2.9c-0.3,1.1-0.5,2-0.5,2.9 c0,1,0.2,1.9,0.5,2.7c0.3,0.8,0.8,1.6,1.5,2.2c0.7,0.6,1.5,1.1,2.5,1.5c1,0.4,2.1,0.6,3.4,0.6c0.8,0,1.6-0.1,2.5-0.2 c0.9-0.1,1.9-0.4,2.8-0.6L271.1,116.7z M262.6,111.9c0.1-0.4,0.3-0.7,0.5-1.1c0.2-0.4,0.5-0.7,0.8-1c0.3-0.3,0.7-0.5,1.1-0.7 c0.4-0.2,0.9-0.3,1.5-0.3c0.5,0,0.9,0.1,1.2,0.2c0.3,0.2,0.6,0.4,0.8,0.7c0.2,0.3,0.4,0.6,0.4,1c0.1,0.4,0.1,0.7,0.1,1.2H262.6z M246.1,104.4h2.6c0.8,0,1.4,0.2,1.9,0.5c0.4,0.3,0.6,0.9,0.6,1.6c0,0.5-0.1,0.9-0.3,1.2c-0.2,0.3-0.5,0.6-0.9,0.8 c-0.4,0.2-0.8,0.3-1.3,0.4c-0.5,0.1-1.1,0.1-1.7,0.1h-1.8L246.1,104.4z M237.3,120.9h5.5l1.6-8.1h0.6c0.6,0,1.1,0,1.4,0.1 c0.4,0,0.6,0.2,0.8,0.4c0.2,0.2,0.4,0.5,0.5,0.9c0.1,0.4,0.2,0.9,0.4,1.6l1.1,5.2h5.4l-1.5-6.3c-0.1-0.3-0.2-0.7-0.3-1.1 c-0.1-0.4-0.3-0.8-0.4-1.2c-0.2-0.4-0.4-0.7-0.7-0.9c-0.3-0.3-0.6-0.4-1-0.4V111c0.8-0.1,1.5-0.3,2.3-0.5c0.7-0.2,1.4-0.5,1.9-0.9 c0.5-0.4,1-0.9,1.3-1.6c0.3-0.6,0.5-1.4,0.5-2.3c0-1.3-0.3-2.3-0.8-2.9c-0.5-0.7-1.2-1.2-2-1.5c-0.8-0.3-1.8-0.5-2.8-0.6 c-1-0.1-2-0.1-3-0.1h-6.5L237.3,120.9z"></path> </g></svg> </a></div><div class="footer_middle"><div id="block-caixabank-footeren" class="block block--fancy block_content:581d223e-ffb2-4303-ab5f-67abdba50ca2 block-caixabank-footeren"><div class="paragraph ptype_pr-linked-logos pmode_comunes"></div><div class="paragraph ptype_pr-links pmode_comunes"> <a href="/en/about-us">About CaixaBank Research</a> <a href="/en/work-us/home">Work with us</a> <a href="/en/our-team">Team</a> <a href="/en/contact">Contact</a> <a href="https://www.caixabank.com/en/home_en.html" target="_blank">CaixaBank</a></div><div class="paragraph ptype_pr-simple-text pmode_default"></div></div><div id="block-caixabank-bottomlinksen" class="block block--fancy block_content:292aa62c-a399-4816-a143-e01cfac7326a block-caixabank-bottomlinksen"><div class="paragraph ptype_pr-links pmode_comunes"> <a href="https://www.caixabankresearch.com/en/cookies_policy" target="_blank">Cookies Policy</a></div><div class="paragraph ptype_pr-links pmode_comunes"> <a href="https://www.caixabank.es/particular/general/privacy.html" target="_blank">Privacy</a> <a href="https://www.caixabank.com/general/avisolegal_en.html" target="_blank">Legal Disclaimer</a> <a href="https://www.caixabank.com/general/informacionlegal_en.html" target="_blank">Legal Information</a></div></div></div><div class="newsletter"> <a title="Twitter Link" class="social-bottom twitter-link" target="_blank" href="https://twitter.com/CABK_Research"> <svg version="1.1" id="logo_twitter" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" x="0px" y="0px" width="22.328px" height="18.146px" viewBox="0 0 22.328 18.146" enable-background="new 0 0 22.328 18.146" xml:space="preserve"> <path fill="#FFFFFF" d="M22.328,2.148c-0.82,0.365-1.703,0.611-2.631,0.721c0.946-0.566,1.672-1.464,2.014-2.534 c-0.885,0.525-1.864,0.906-2.908,1.112C17.966,0.557,16.776,0,15.458,0c-2.529,0-4.581,2.052-4.581,4.581 c0,0.359,0.041,0.708,0.119,1.044C7.19,5.435,3.814,3.61,1.555,0.838c-0.394,0.678-0.62,1.465-0.62,2.305 c0,1.589,0.808,2.991,2.037,3.812c-0.75-0.023-1.457-0.229-2.074-0.572C0.897,6.4,0.897,6.419,0.897,6.439 c0,2.219,1.579,4.071,3.675,4.492c-0.384,0.104-0.789,0.16-1.207,0.16c-0.295,0-0.582-0.028-0.862-0.082 c0.583,1.819,2.275,3.144,4.279,3.181c-1.568,1.229-3.543,1.961-5.689,1.961c-0.37,0-0.734-0.022-1.093-0.064 c2.028,1.301,4.436,2.06,7.022,2.06c8.426,0,13.033-6.981,13.033-13.034c0-0.198-0.005-0.396-0.013-0.593 C20.937,3.874,21.714,3.066,22.328,2.148"></path> </svg> </a> <a title="Spotify Link" class="social-bottom spotify-link" target="_blank" href="https://open.spotify.com/show/2Fe9ugalc3XYJjRKiInYNQ?go=1&sp_cid=f43ad2b90a329108a9629db7693b3d42&nd=1"> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 496 512" width="22.328px" height="18.146px"> <path fill="#fff" d="M248 8C111.1 8 0 119.1 0 256s111.1 248 248 248 248-111.1 248-248S384.9 8 248 8Z"/> <path d="M406.6 231.1c-5.2 0-8.4-1.3-12.9-3.9-71.2-42.5-198.5-52.7-280.9-29.7-3.6 1-8.1 2.6-12.9 2.6-13.2 0-23.3-10.3-23.3-23.6 0-13.6 8.4-21.3 17.4-23.9 35.2-10.3 74.6-15.2 117.5-15.2 73 0 149.5 15.2 205.4 47.8 7.8 4.5 12.9 10.7 12.9 22.6 0 13.6-11 23.3-23.2 23.3zm-31 76.2c-5.2 0-8.7-2.3-12.3-4.2-62.5-37-155.7-51.9-238.6-29.4-4.8 1.3-7.4 2.6-11.9 2.6-10.7 0-19.4-8.7-19.4-19.4s5.2-17.8 15.5-20.7c27.8-7.8 56.2-13.6 97.8-13.6 64.9 0 127.6 16.1 177 45.5 8.1 4.8 11.3 11 11.3 19.7-.1 10.8-8.5 19.5-19.4 19.5zm-26.9 65.6c-4.2 0-6.8-1.3-10.7-3.6-62.4-37.6-135-39.2-206.7-24.5-3.9 1-9 2.6-11.9 2.6-9.7 0-15.8-7.7-15.8-15.8 0-10.3 6.1-15.2 13.6-16.8 81.9-18.1 165.6-16.5 237 26.2 6.1 3.9 9.7 7.4 9.7 16.5s-7.1 15.4-15.2 15.4z"/> </svg> </a> <a href="/en/user/newsletter" class="btn-newsletter">Newsletters</a></div></div></footer></div><script>window.dataLayer = window.dataLayer || []; window.dataLayer.push({"referer":null,"full_url":"https:\/\/www.caixabankresearch.com\/en\/economics-markets","site":"prod","event":"imPageView","page":{"id":"en\/economics-markets","type":"category","title":"category\/en\/economics-markets","language":"en","category":"economics-markets"},"content":[],"user":{"isLogged":"not_logged"},"error":[]});</script><script type="application/json" data-drupal-selector="drupal-settings-json">{"path":{"baseUrl":"\/","scriptPath":null,"pathPrefix":"en\/","currentPath":"taxonomy\/term\/3","currentPathIsAdmin":false,"isFront":false,"currentLanguage":"en"},"pluralDelimiter":"\u0003","suppressDeprecationErrors":true,"dataLayer":{"defaultLang":"en","languages":{"ca":{"id":"ca","name":"catalan","direction":"ltr","weight":-10},"es":{"id":"es","name":"spanish","direction":"ltr","weight":-10},"en":{"id":"en","name":"English","direction":"ltr","weight":-9}}},"cookies":{"cookiesjsr":{"config":{"cookie":{"name":"cookiesjsr","expires":31536000000,"domain":"","sameSite":"Lax","secure":false},"library":{"libBasePath":"\/libraries\/cookiesjsr\/dist","libPath":"\/libraries\/cookiesjsr\/dist\/cookiesjsr.min.js","scrollLimit":0},"callback":{"method":"post","url":"\/en\/cookies\/consent\/callback.json","headers":[]},"interface":{"openSettingsHash":"#editCookieSettings","showDenyAll":true,"denyAllOnLayerClose":false,"settingsAsLink":true,"availableLangs":["ca","es","en"],"defaultLang":"en","groupConsent":false,"cookieDocs":true}},"services":{"functional":{"id":"functional","services":[{"key":"functional","type":"functional","name":"Required functional","info":{"value":"\u003Ctable\u003E\r\n\t\u003Cthead\u003E\r\n\t\t\u003Ctr\u003E\r\n\t\t\t\u003Cth width=\u002215%\u0022\u003ECookie name\u003C\/th\u003E\r\n\t\t\t\u003Cth width=\u002215%\u0022\u003EDefault expiration time\u003C\/th\u003E\r\n\t\t\t\u003Cth\u003EDescription\u003C\/th\u003E\r\n\t\t\u003C\/tr\u003E\r\n\t\u003C\/thead\u003E\r\n\t\u003Ctbody\u003E\r\n\t\t\u003Ctr\u003E\r\n\t\t\t\u003Ctd\u003E\u003Ccode dir=\u0022ltr\u0022 translate=\u0022no\u0022\u003ESSESS\u0026lt;ID\u0026gt;\u003C\/code\u003E\u003C\/td\u003E\r\n\t\t\t\u003Ctd\u003E1 month\u003C\/td\u003E\r\n\t\t\t\u003Ctd\u003EIf you are logged in to this website, a session cookie is required to identify and connect your browser to your user account in the server backend of this website.\u003C\/td\u003E\r\n\t\t\u003C\/tr\u003E\r\n\t\t\u003Ctr\u003E\r\n\t\t\t\u003Ctd\u003E\u003Ccode dir=\u0022ltr\u0022 translate=\u0022no\u0022\u003Ecookiesjsr\u003C\/code\u003E\u003C\/td\u003E\r\n\t\t\t\u003Ctd\u003E1 year\u003C\/td\u003E\r\n\t\t\t\u003Ctd\u003EWhen you visited this website for the first time, you were asked for your permission to use several services (including those from third parties) that require data to be saved in your browser (cookies, local storage). Your decisions about each service (allow, deny) are stored in this cookie and are reused each time you visit this website.\u003C\/td\u003E\r\n\t\t\u003C\/tr\u003E\r\n\t\u003C\/tbody\u003E\r\n\u003C\/table\u003E\r\n","format":"full_html"},"uri":"","needConsent":false}],"weight":1},"marketing":{"id":"marketing","services":[{"key":"analytics","type":"marketing","name":"Marketing","info":{"value":"","format":"basic_html"},"uri":"","needConsent":true}],"weight":20},"performance":{"id":"performance","services":[{"key":"gtag","type":"performance","name":"Performance","info":{"value":"","format":"basic_html"},"uri":"","needConsent":true}],"weight":30},"video":{"id":"video","services":[{"key":"video","type":"video","name":"Video","info":{"value":"","format":"basic_html"},"uri":"","needConsent":true}],"weight":40}},"translation":{"_core":{"default_config_hash":"S5qrJju_o31uC1fwXosZ8Nlja2Wps6Gn0mMCAebY1Zw"},"langcode":"es","bannerText":"We use a selection of our own and third-party cookies on the pages of this website: Essential cookies, which are required in order to use the website; functional cookies, which provide better easy of use when using the website; performance cookies, which we use to generate aggregated data on website use and statistics; and marketing cookies, which are used to display relevant content and advertising. If you choose \u0022ACCEPT ALL\u0022, you consent to the use of all cookies. You can accept and reject individual cookie types and revoke your consent for the future at any time at \u0022Settings\u0022.","privacyPolicy":"Privacy policy","privacyUri":"","imprint":"Imprint","imprintUri":"","cookieDocs":"Cookie documentation","cookieDocsUri":"\/en\/politica-cookies","denyAll":"Deny all","alwaysActive":"Always active","settings":"Cookie settings","acceptAll":"Accept all","requiredCookies":"Required cookies","cookieSettings":"Cookie settings","close":"Close","readMore":"Read more","allowed":"Allowed","denied":"Denied","settingsAllServices":"Settings for all services","saveSettings":"Save","default_langcode":"en","disclaimerText":"All cookie information is subject to change by the service providers. We update this information regularly.","disclaimerTextPosition":"above","processorDetailsLabel":"Processor Company Details","processorLabel":"Company","processorWebsiteUrlLabel":"Company Website","processorPrivacyPolicyUrlLabel":"Company Privacy Policy","processorCookiePolicyUrlLabel":"Company Cookie Policy","processorContactLabel":"Data Protection Contact Details","placeholderAcceptAllText":"Accept All Cookies","functional":{"title":"Functional","details":"Cookies are small text files that are placed by your browser on your device in order to store certain information. Using the information that is stored and returned, a website can recognize that you have previously accessed and visited it using the browser on your end device. We use this information to arrange and display the website optimally in accordance with your preferences. Within this process, only the cookie itself is identified on your device. Personal data is only stored following your express consent or where this is absolutely necessary to enable use the service provided by us and accessed by you."},"marketing":{"title":"Marketing","details":"Customer communication and marketing tools."},"performance":{"title":"Performance Cookies","details":"Performance cookies collect aggregated information about how our website is used. The purpose of this is to improve its attractiveness, content and functionality. These cookies help us to determine whether, how often and for how long particular sub-pages of our website are accessed and which content users are particularly interested in. Search terms, country, region and (where applicable) the city from which the website is accessed are also recorded, as is the proportion of mobile devices that are used to access the website. We use this information to compile statistical reports that help us tailor the content of our website to your needs and optimize our offer."},"video":{"title":"Video","details":"Video sharing services help to add rich media on the site and increase its visibility."}}},"cookiesTexts":{"_core":{"default_config_hash":"S5qrJju_o31uC1fwXosZ8Nlja2Wps6Gn0mMCAebY1Zw"},"langcode":"es","bannerText":"We use a selection of our own and third-party cookies on the pages of this website: Essential cookies, which are required in order to use the website; functional cookies, which provide better easy of use when using the website; performance cookies, which we use to generate aggregated data on website use and statistics; and marketing cookies, which are used to display relevant content and advertising. If you choose \u0022ACCEPT ALL\u0022, you consent to the use of all cookies. You can accept and reject individual cookie types and revoke your consent for the future at any time at \u0022Settings\u0022.","privacyPolicy":"Privacy policy","privacyUri":"","imprint":"Imprint","imprintUri":"","cookieDocs":"Cookie documentation","cookieDocsUri":"\/node\/10823","denyAll":"Deny all","alwaysActive":"Always active","settings":"Cookie settings","acceptAll":"Accept all","requiredCookies":"Required cookies","cookieSettings":"Cookie settings","close":"Close","readMore":"Read more","allowed":"Allowed","denied":"Denied","settingsAllServices":"Settings for all services","saveSettings":"Save","default_langcode":"en","disclaimerText":"All cookie information is subject to change by the service providers. We update this information regularly.","disclaimerTextPosition":"above","processorDetailsLabel":"Processor Company Details","processorLabel":"Company","processorWebsiteUrlLabel":"Company Website","processorPrivacyPolicyUrlLabel":"Company Privacy Policy","processorCookiePolicyUrlLabel":"Company Cookie Policy","processorContactLabel":"Data Protection Contact Details","placeholderAcceptAllText":"Accept All Cookies"},"services":{"analytics":{"uuid":"549a5972-2280-4000-baf0-a30759595491","langcode":"es","status":true,"dependencies":[],"id":"analytics","label":"Marketing","group":"marketing","info":{"value":"","format":"basic_html"},"consentRequired":true,"purpose":"","processor":"","processorContact":"","processorUrl":"","processorPrivacyPolicyUrl":"","processorCookiePolicyUrl":"","placeholderMainText":"This content is blocked because required marketing cookies have not been accepted.","placeholderAcceptText":"Accept marketing cookies"},"functional":{"uuid":"a7ad6602-4176-4383-8942-baaaf1481943","langcode":"es","status":true,"dependencies":[],"_core":{"default_config_hash":"SQkYKY9U6xYDPAOC32rgkrIzkd688kRsm9g25mWdcvM"},"id":"functional","label":"Required functional","group":"functional","info":{"value":"\u003Ctable\u003E\r\n\t\u003Cthead\u003E\r\n\t\t\u003Ctr\u003E\r\n\t\t\t\u003Cth width=\u002215%\u0022\u003ECookie name\u003C\/th\u003E\r\n\t\t\t\u003Cth width=\u002215%\u0022\u003EDefault expiration time\u003C\/th\u003E\r\n\t\t\t\u003Cth\u003EDescription\u003C\/th\u003E\r\n\t\t\u003C\/tr\u003E\r\n\t\u003C\/thead\u003E\r\n\t\u003Ctbody\u003E\r\n\t\t\u003Ctr\u003E\r\n\t\t\t\u003Ctd\u003E\u003Ccode dir=\u0022ltr\u0022 translate=\u0022no\u0022\u003ESSESS\u0026lt;ID\u0026gt;\u003C\/code\u003E\u003C\/td\u003E\r\n\t\t\t\u003Ctd\u003E1 month\u003C\/td\u003E\r\n\t\t\t\u003Ctd\u003EIf you are logged in to this website, a session cookie is required to identify and connect your browser to your user account in the server backend of this website.\u003C\/td\u003E\r\n\t\t\u003C\/tr\u003E\r\n\t\t\u003Ctr\u003E\r\n\t\t\t\u003Ctd\u003E\u003Ccode dir=\u0022ltr\u0022 translate=\u0022no\u0022\u003Ecookiesjsr\u003C\/code\u003E\u003C\/td\u003E\r\n\t\t\t\u003Ctd\u003E1 year\u003C\/td\u003E\r\n\t\t\t\u003Ctd\u003EWhen you visited this website for the first time, you were asked for your permission to use several services (including those from third parties) that require data to be saved in your browser (cookies, local storage). Your decisions about each service (allow, deny) are stored in this cookie and are reused each time you visit this website.\u003C\/td\u003E\r\n\t\t\u003C\/tr\u003E\r\n\t\u003C\/tbody\u003E\r\n\u003C\/table\u003E\r\n","format":"full_html"},"consentRequired":false,"purpose":"Essential functional cookies to provide general functionality","processor":"","processorContact":"","processorUrl":"","processorPrivacyPolicyUrl":"","processorCookiePolicyUrl":"","placeholderMainText":"This content is blocked because required functional cookies have not been accepted.","placeholderAcceptText":"Only accept required functional cookies."},"gtag":{"uuid":"f1986c7b-30d1-43ea-9375-ddac12d85375","langcode":"es","status":true,"dependencies":[],"id":"gtag","label":"Performance","group":"performance","info":{"value":"","format":"basic_html"},"consentRequired":true,"purpose":"Performance cookies","processor":"","processorContact":"","processorUrl":"","processorPrivacyPolicyUrl":"","processorCookiePolicyUrl":"","placeholderMainText":"This content is blocked because required performance cookies have not been accepted.","placeholderAcceptText":"Accept performance cookies"},"video":{"uuid":"6385deb0-8426-4ff5-9885-d3b31b7b9f93","langcode":"es","status":true,"dependencies":[],"id":"video","label":"Video","group":"video","info":{"value":"","format":"basic_html"},"consentRequired":true,"purpose":"video","processor":"","processorContact":"","processorUrl":"","processorPrivacyPolicyUrl":"","processorCookiePolicyUrl":"","placeholderMainText":"This content is blocked because video cookies have not been accepted.","placeholderAcceptText":"Accept video cookies"}},"groups":{"functional":{"uuid":"703e5017-fb29-4dc6-ade8-233bceeea0ef","langcode":"es","status":true,"dependencies":[],"_core":{"default_config_hash":"aHm4Q63Ge97tcktTa_qmUqJMir45iyGY2lEvvqPW68g"},"id":"functional","label":"Functional","weight":1,"title":"Functional","details":"Cookies are small text files that are placed by your browser on your device in order to store certain information. Using the information that is stored and returned, a website can recognize that you have previously accessed and visited it using the browser on your end device. We use this information to arrange and display the website optimally in accordance with your preferences. Within this process, only the cookie itself is identified on your device. Personal data is only stored following your express consent or where this is absolutely necessary to enable use the service provided by us and accessed by you."},"marketing":{"uuid":"81df2f36-e3ca-4419-b21c-f47c1d1e647d","langcode":"es","status":true,"dependencies":[],"_core":{"default_config_hash":"JkP6try0AxX_f4RpFEletep5NHSlVB1BbGw0snW4MO8"},"id":"marketing","label":"Marketing","weight":20,"title":"Marketing","details":"Customer communication and marketing tools."},"performance":{"uuid":"337e5339-0fc1-4aba-9322-375f5b0464ae","langcode":"es","status":true,"dependencies":[],"_core":{"default_config_hash":"Jv3uIJviBj7D282Qu1ZpEQwuOEb3lCcDvx-XVHeOJpw"},"id":"performance","label":"Performance","weight":30,"title":"Performance Cookies","details":"Performance cookies collect aggregated information about how our website is used. The purpose of this is to improve its attractiveness, content and functionality. These cookies help us to determine whether, how often and for how long particular sub-pages of our website are accessed and which content users are particularly interested in. Search terms, country, region and (where applicable) the city from which the website is accessed are also recorded, as is the proportion of mobile devices that are used to access the website. We use this information to compile statistical reports that help us tailor the content of our website to your needs and optimize our offer."},"social":{"uuid":"d2d76f0b-fb21-436d-8574-57d0ce7172ef","langcode":"es","status":true,"dependencies":[],"_core":{"default_config_hash":"vog2tbqqQHjVkue0anA0RwlzvOTPNTvP7_JjJxRMVAQ"},"id":"social","label":"Social Plugins","weight":20,"title":"Social Plugins","details":"Comments managers facilitate the filing of comments and fight against spam."},"tracking":{"uuid":"2f05cf74-57be-4dc9-840b-0070920c5e76","langcode":"es","status":true,"dependencies":[],"_core":{"default_config_hash":"_gYDe3qoEc6L5uYR6zhu5V-3ARLlyis9gl1diq7Tnf4"},"id":"tracking","label":"Tracking","weight":10,"title":"Tracking cookies","details":"Marketing cookies come from external advertising companies (\u0022third-party cookies\u0022) and are used to collect information about the websites visited by the user. The purpose of this is to create and display target group-oriented content and advertising for the user."},"video":{"uuid":"60e54a6f-984b-4ef1-9503-dd65009568a8","langcode":"es","status":true,"dependencies":[],"_core":{"default_config_hash":"w1WnCmP2Xfgx24xbx5u9T27XLF_ZFw5R0MlO-eDDPpQ"},"id":"video","label":"Videos","weight":40,"title":"Video","details":"Video sharing services help to add rich media on the site and increase its visibility."}}},"quicklink":{"admin_link_container_patterns":["#block-local-tasks-block a",".block-local-tasks-block a","#drupal-off-canvas a","#toolbar-administration a"],"ignore_admin_paths":true,"ignore_ajax_links":true,"ignore_file_ext":true,"total_request_limit":0,"concurrency_throttle_limit":0,"idle_wait_timeout":2000,"viewport_delay":0,"debug":false,"url_patterns_to_ignore":["user\/logout","#","\/admin","\/edit"]},"ajaxTrustedUrl":{"\/search":true},"user":{"uid":0,"permissionsHash":"c173eef97e34a81c8efc69f0cc301d5fa7da6c70f177b248f2937e5dfa5eaf7d"}}</script><script src="//polyfill.io/v3/polyfill.min.js?features=IntersectionObserver%2CIntersectionObserverEntry%2CURL%2CObject.assign%2CArray.from%2CArray.prototype.includes%2CString.prototype.includes%2CElement.prototype.matches%2CPromise%2CPromise.prototype.finally"></script><script src="/sites/default/files/js/js_XiN20qhV--1jrVAHAMNu9Y_pvsUlkXVvY3zpozbG07M.js"></script><script type="text/javascript" src="/_Incapsula_Resource?SWJIYLWA=719d34d31c8e3a6e6fffd425f7e032f3&ns=1&cb=371456736" async></script></body></html>