the case of investment and private consumption. traditionally the mainstays of stable growth in any economy, these components looked to have performed worse than expected. over a longer time frame, investment has proven significantly less dynamic than activity since the pandemic, with the transport and housing components performing particularly poorly. by sector, while the 2023 public investment - to - gdp ratio stood well above its pre - pandemic level, the private investment - to - gdp ratio remained more than 10 percentage points below that figure. using data from the banco de espana's central balance sheet data office to analyse these developments at firm level, 1 it would appear that this state of affairs is in part attributable to the fall in the share of firms investing, particularly in the sectors hardest hit by the pandemic, as well as to the decline in investment in young firms. moreover, productivity remains notably weak, potentially acting as a brake on economic growth over the medium and long term. this sluggish productivity may be contributing to the rise in unit labour costs, which could undermine spain ’ s international competitiveness. against this backdrop, the latest short - term indicators suggest that economic activity in spain should remain notably buoyant in the opening months of 2024. a similar conclusion can be drawn from the figures on social security registrations ( up 0. 7 % in the first quarter ) and the purchasing managers ’ indices ( pmi ), which, in their composite version, stood in march at their highest point since may last year. looking ahead, the outlook for growth in the spanish economy in the coming years remains fairly encouraging. in particular, based on the banco de espana's latest projections, the gdp growth rate is expected to stand at 1. 9 % in 2024 and 2025, before gradually converging towards levels more in keeping with the spanish economy's growth potential towards the end of the projection horizon ( with gdp growth of 1. 7 % in 2026 ). noteworthy among the factors underlying these projections are the gradual reactivation of the european economy as the negative impact of monetary policy tightening slowly fades, the recovery in economic agents ’ real income, the population growth envisaged and the fiscal impulse from the next generation eu ( ngeu ) programme. conversely, the notably weak investment and sluggish productivity of recent quarters will weigh on the future pace of output growth. meanwhile, activity will be adversely impacted as certain tailwinds that have recently driven growth

, in particular, to three examples of these risks. first, the increasingly frequent dissemination of relevant information, pre - contractual and contractual alike, via smart phones and tablets. screen size, the apparent user - friendliness of applications and the immediacy of acceptance limit the customer ’ s ability to know what actually is being agreed to, and they are a hindrance to specific key aspects of acquiring financial products, such as the reading of the contractual terms and conditions, and interaction to resolve questions about them. in acquiring products digitally, customers assume greater independence in terms of information and decision - making, and they must ensure they fully understand the potential consequences of their choices. additionally, just as they are aware – or should be – of the importance of the commitment acquired when they sign an agreement in their own hand, so too should they be aware of the commitment taken on when clicking on a touch screen where it says “ i accept the terms and conditions of the agreement ”. a second example of risks that are present in the current context of technological innovation and developments is the ease with which access may be had to complex financial assets and products that can hardly be understood without basic financial knowledge. a case in point here are what are popularly known as cryptoassets, whose development has much to do with the focus of this seminar, namely blockchain technology. among cryptoassets are what are generally known as cryptocurrencies, conceived for use as a means of payment, and those known as digital tokens, conceived for obtaining financing and which confer on the purchaser the right to receive remuneration, or to exercise certain rights. the bitcoin is an example of the former. the so - called icos ( initial coin offerings ) are an application of the latter. both have been the subject of growing interest, and there are at present numerous and highly heterogeneous initiatives. while their impact so far on global financial stability is considered to be limited, they pose a series of risks, in areas such as consumer protection and the prevention of moneylaundering and the financing of terrorism, which the authorities monitor closely and on which they have issued warnings and statements. in this connection, it should be stressed that these are assets of a marked speculative nature, without the backing of supervisors and susceptible to fraud or price manipulation. they cannot be considered as money or as deposits, and they do not enjoy the protection of the regulations governing banking and investment products. it is worrying