Economic activity rebounded significantly during the second half of 2024 and the beginning of 2025, but then stagnated, along with the Consumer Confidence Index. During the expansion phase, the recovery of credit played a central role, rising from 4% of GDP to 12%. However, the sharp increase in interest rates, due to the currency run during the legislative elections, caused 7 million people to fall into arrears. The credit crunch has been impacting GDP since the end of last year, and this is compounded by the decline in real income (inflation is rising faster than wage increases).