Türkiye | Quarterly Debt Outlook 2Q 2025 31 July 2025 The overall total FX position of the economy improved in May25 compared to Dec24. The composition of external debt started to shift again between the public sector and the real sector.
Mexico | Pemex’s oil production stopped falling 29 July 2025 The production of liquid hydrocarbons of Pemex in the second quarter of 2025 vs. the previous quarter showed an increment of 15.8 thousand barrels a day mainly due to a higher production of superlight crude oil and condensates by 22.8 thousand barrels a day.
Europe | The opportunity in climate adaptation finance 23 July 2025 Despite global adaptation finance more than doubling between 2018 and 2022, it remains far below what is needed to achieve climate resilience. In Europe, a four‑pillar strategy could unlock the investment required to turn climate challenges into opportunities.
Türkiye | Encouraging surprises, underlying strains in July CPI 4 August 2025 Consumer prices rose by 2.06% m/m, lower than both consensus (2.4%) and our expectation (2.5%), driving annual inflation down to 33.5%. Considering unanchored inflation expectations, high services inertia and upward pressure on the food inflation going forward, we expect the year-end inflation to reach 30%.
Mexico | Progress continues in fiscal consolidation 4 August 2025 The Historical Balance of Public Sector Borrowing Requirements (HBPSBR) was 51.3% of GDP at the end of 2024. We expect the HBPSBR to be 52.6% at year-end with a public deficit and PSBR of 3.8% and 4.3% of GDP, respectively.
Spain | Positive figures in the labor market in July, though below expectations 4 August 2025 In July, the Social Security added 4,400 new affiliates, and unemployment decreased by 1,400. Seasonally adjusted (CVEC), contributors increased by 31,000, and the unemployed by 1,200 (the first increase in 21 months). The percentage of temporary contracts in the General Regime rose to 13.7% CVEC.
Spain | The economy shifts gears 4 August 2025 The Spanish economy is entering a new phase of expansion in which the drivers of recent growth are running out of steam. Replacing these with new ones will bring a sense of having already crossed this bridge. But neither the Spanish economy nor the bridge are the same as before.
Mexico | Remittances drop 16.2%, their largest decline in 13 years 1 August 2025 Since recovering in 2014, the flow of remittances to Mexico has experienced a streak of 11 consecutive years of growth, which will most likely end in 2025. Between 2013 and 2024, remittances increased in nominal terms from $23 billion to $64.7 billion; that is, they almost tripled.
