The outbreak of war in Ukraine has overshadowed the positive outlook we were forecasting for the Spanish economy in 2022. While, at the end of last year, some factors had already appeared on the scene that hindered the economic recovery, such as the spread of the Omicron variant, disruptions in global supply chains and inflationary pressures, especially from energy prices, the armed conflict in Ukraine has become the main focus of attention and the major conditioning factor for short-term economic developments.