- On 23 December the government approved a decree extending public transport discounts, uprating pensions and prolonging other measures into 2025.
- Spain ended 2024 as one of the fastest-growing advanced economies, with falling rates and contained inflation, but also the DANA and housing pressure.
- It is a good moment to review structures: family and business wealth, financing, insurance and tax planning, with a 2025 of trade uncertainty in mind.
On 23 December 2024, the government approved a decree extending public transport discounts, uprating pensions and prolonging other measures into 2025. Spain thus ended the year as one of the fastest-growing advanced economies. A year-end with solid growth, falling rates and contained inflation offers the chance to take stock and to prepare the next year in good time. It is worth doing so calmly, without the optimism of the moment hiding the weak points.
The balance of 2024 has lights and shadows. Alongside the good data, the year brought the tragedy of the DANA in Valencia and persistent pressure in the housing market. That is why the year-end should be read with both eyes: using what is favourable to strengthen positions and not losing sight of the challenges that remain open, which will shape the behaviour of families and companies in 2025. This note is general information and does not replace personalised advice.
What the government approved
It is what is known as an omnibus decree: it gathers measures on different subjects in a single rule, so it is necessary to check carefully what affects each person or company. It is not a rule on a single subject but a package in which very different matters sit together. Each measure should be read with its text in front of you, not from summaries.
For companies and families, the useful reading is to locate, among the measures in the package, those that affect their own case: aid that continues, deadlines that are extended or conditions that change. A decree of this kind may require later implementing provisions, so it is worth following its evolution and consulting an adviser in case of doubt.
The year in review
Among the favourable aspects were falling rates, contained inflation and robust growth; among the difficult ones, the DANA and housing pressure. In other words, a balance in which the evolution of the big figures coexisted with difficult realities for many households and territories. Both things are true at once, and neither should hide the other.
The average does not tell the whole story. Companies that grew, families that saw their mortgage ease and territories recovering from the catastrophe live realities different from those who are still looking for affordable housing or rebuilding their business. To decide well, it is best to look at one’s own situation and not just at averages. That holds for the company deciding to invest and for the family deciding to move home.
Preparing for 2025
It is a good moment to review structures: the separation between family and business wealth, the terms of financing, insurance and tax planning. It is worth doing so with a 2025 of trade uncertainty in mind. When activity is going well, there is more room to reorganise without urgency, and decisions taken calmly tend to be better. A year of good results is the ideal moment to strengthen what may have been neglected when there was a rush.
A simple review includes checking whether the company’s accounts and the family’s are clearly separate, when policies and loans fall due, whether insurance covers the relevant risks and what tax decisions are worth taking before the financial year ends. An adviser can help organise that list and prioritise what is important. If the list is short, so much the better: the essentials get done; the rest is noted for next year.
A good year is the best moment to put one’s house in order.
This article is general information. It is not legal, tax or investment advice, and it does not take anyone’s particular circumstances into account.
