2024 data better than expected so farConsumption related indicators suggesting that households’ spending remains resilient; besides, sentiment are showing a positive trend in all sectors. We expect 1H24 will still be conditioned by the impact of high financing costs, but as the easing cycle by the ECB begins, an acceleration of activity is expected. More robust balance-sheets in the Public sector, companies and households (low debt levels), a still robust labour market, the acceleration of reforms and the PRR execution should also be key to growth dynamics in the next couple of years.