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 increased by 161,217 people (-3.8% YoY) and unemployment fell by 89,849 (25.3% YoY). Excluding seasonality, employment grew by 150,000 people and unemployment fell by 85,000. However, the estimated impact of the crisis is still significant: 1,175,000 contributors and 843,000 unemployed.
The fall in GDP in Q2 (-18.5% QoQ; -22.1% YoY) slightly exceeded expectations and confirmed the serious effects of the containment. Domestic demand suffered most of the adjustment (-16.1pp QoQ; -4.2pp YoY), but external demand also fell. The fall in hours worked was intense and productivity increased.
Employment decreased by 1,074,100 people (-6.0% y/y). However, employees who worked fewer hours than usual due to ERTEs or partial unemployment amounted to 4,580,000, so the hours worked fell by 22.6% QoQ. The decline in the labour force due to the lockdown limited the rise in the unemployment rate till 15.3%