This publication presents the analyses of and macroeconomic projections for the Spanish economy prepared by the Directorate General Economics. It is published four times a year. The first and third-quarter issues include a report on the recent performance of the Spanish economy, against the backdrop of international and euro area developments, and the Banco de España’s macroeconomic projections for the current and the following year. The second and fourth-quarter issues provide an update to these projections.