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December 2023 | No. 484Content available in catalan spanishPrint Download File Editorial A better 2023 than expected Oriol Aspachs Key points of the month Winds of change for monetary policy José Ramón Díez Forecasts and indicators ForecastsKey indicators Financial markets Economic outlook Expectations of a soft landing lead to a rally in the markets Focus The ECB, in the midst of a review International economy Economic outlook Declining expectations and caution in the international economy Focus Japan: a change of course for monetary policy Luís Pinheiro de Matos Focus The US national accounts: current situation and future outlook Ricard Murillo Gili Spanish economy Economic outlook The Spanish economy maintains a similar growth rate to the previous quarter Focus The export intensity of Spain’s economic sectors Erik Solé Vives Portuguese economy Economic outlook The fall in foreign demand weighs down growth in Portugal Focus Unravelling the behaviour of Portugal’s economic productivity Vânia Duarte