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 | A Model of Portfolio Flows 6 August 2025 We present an econometric model in order to estimate the global and domestic macroeconomic determinants of portfolio flows into Türkiye. Our findings point to the significant relationship between flows and market volatility and economic policy uncertainty on the global side, and risk premium on the domestic front.
Mexico | Banxico’s easing window remains open despite mixed data 6 August 2025 Lingering challenges for the growth outlook should maintain Banxico’s confidence that monetary policy can (and should) continue to ease. We think Banxico will remain confident in further services disinflation ahead and will proceed with a 25bp rate cut this week.
Colombia | Good labor market performance through June 4 August 2025 The unemployment rate has declined throughout 2025, reaching 8.6% in June, equivalent to 8.9% after seasonal adjustment. This reduction has been supported by strong employment growth, mainly in smaller urban areas and rural regions, and largely driven by informal jobs.
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.
