Camilo Ulloa
Camilo Ulloa
Principal Economist

Camilo A. Ulloa joined BBVA Research in 2009 and now is Principal Economist for the Spain & Portugal unit. His main areas of interest are macroeconomics and applied econometrics, and his research has mainly focused on economic scenarios assessment, short-term forecasting and structural time series modeling.

He has been Teacher Assistant at the Department of Economics (Carlos III University) and Research Assistant at the Bank of Spain. He currently teaches in the Master's Degree in Foreign Trade (Carlos III University).

Camilo has a M.Sc. in Economic Analysis from the Universidad Carlos III de Madrid.

Latest publications

Social Security affiliation grew by 211,900 people and unemployment fell by 129,400. BBVA Research estimates that seasonally adjusted employment advanced by 71,000 people and unemployment fell by 27,000. Although affiliation approached pre-crisis levels, there are 1,002,000 workers with limited activity.
Spain was the Eurozone country that recorded the largest rebound in the household saving rate in the first half of last year. Health restrictions and the fear of contagion were the main factors behind the increase in family savings.
Household savings increased by a factor of 2.3 in 2020 as a result of the restrictions imposed by the epidemiological situation and the fear of contagion. Moving forward, the absorption of excess savings is a source of uncertainty that could mean an upward bias to short term growth.