BBVA Research

Tourism maintained solid growth in the first four months of 2026, although with some moderation compared to the end of 2025. Total tourist spending grew by 4.7% year-on-year, driven especially by foreign tourism and the dynamism of destinations in the north and interior of the peninsula.

This presentation provides an overview of global military expenditure trends in 2025, drawing on the latest data released on 27 April by the Stockholm International Peace Research Institute (SIPRI).

The Colombian automotive sector experienced a strong recovery in 2025 and has further accelerated its momentum in 2026. Growth has been driven by improved household consumption, the rise of utility vehicles, and the advancement of hybrid and electric technologies.

The EU-Mercosur agreement presents a favorable scenario for growth, investment, and trade. Spain maintains a strategic link that sits above the European average, driven by business investment and the supply of key inputs.

The BBVA Research Manufacturing Multidimensional Indicator grew 2.2% YoY in March, remaining in positive territory for the seventh consecutive month, although deepening the slowdown observed since the beginning of the year.

The automotive market recovered supported by improved affordability, credit conditions, and lower exchange rate distortions. However, local production and the external sector still face structural constraints, limiting the sustainability of growth over the medium term.