Given the changing nature of the economy that we have observed for quite some time now, a close and constant monitoring of the circumstances seems necessary.  Thus, a month and a half ago we warned in the report "Spanish Economy: Eleven Arguments that Clarify whether It Is Holding Up or Not" of the existence of upside risks for Spanish GDP growth in 2023. Recently, the Bank of Spain and the European Commission have revised their estimates upwards. In this brief presentation we go over the current situation of the Spanish economy and revise our outlook for the most likely scenario in the short, medium and long term, depending on its drivers and essential risks in each time frame.