Trade in services and labor mobility between Portugal and Spain are underdeveloped says BdP

A joint report by the central banks of Portugal and Spain highlights that while Iberian integration is significant, it is uneven across various sectors. The trade of goods and electricity markets are well integrated, benefiting from geographical proximity and complementary production structures. However, the trade in services, labor mobility, and non-bank financial investments remain underdeveloped. The findings suggest that the Single Market has effectively reduced some economic distances but has been less successful in addressing structural factors influencing cross-border economic decisions.