Ahead of the local elections in Spain to be held on May 26th we elaborate a report. jointly with renowned political analyst Ignacio Varela, to try to anticipate predictions, since the outcome of these elections is crucial to the formation of government coalitions at the national level and to sectors of the economy that depend more broadly on local governments (such as the real estate sector). In addition, given the general sense of uncertainty, we reflect on the potential impact of both the general and local elections on Spanish economic activity.