BBVA Research

This study analyses the evolution of revenues, expenditures, budget balance, and debt of Spain’s autonomous communities from 2003 to 2025. It adjusts for the impact of atypical factors such as the pandemic in order to show the underlying deficit and the true financial situation.

Educational inequalities in Mexico are examined through an analysis of educational lag between 2004 and 2024 and the estimation of a probit model using data from the 2024 ENIGH survey to quantify their main determinants based on individual, household, and contextual characteristics.

Recent economic slowdown has already weighed on the internal sources of financing as retirement savings gain greater relevance. These resources have been allocated mainly to the public sector and households, particularly through banking credit.

The significant appreciation of the Mexican peso over the past 12 months has supported domestic consumption and the performance of the services sector; however, it has also generated important pressures on export-oriented manufacturing and domestic suppliers operating with low profit margins.

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 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.