Searcher
Camilo Ulloa
Camilo Ulloa
BBVA Research - 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 rose by 103,600, while unemployment decreased by 7,500. After seasonal adjustments, it is estimated that the number of contributors grew by 85,000, and the number of unemployed people dropped by 35,000. The percentage of temporary contracts decreased by 2.9 pp to 54.2% CVEC.
The affiliation saw a decrease of 231,200, while the number of unemployed rose by 60,400 due to seasonal patterns. Once this factor is adjusted, affiliations are estimated to have increased by 39,000, and unemployment fell for the third consecutive month (-15,000). Temporary employment increased 2.1pp, reaching 57.1% SWDA.
Activity grew strongly in 4Q23 (0.6% q/q), despite the fall in most investment components. The improvement in activity is entirely attributable to the increase in employment, as productivity fell. All in all, GDP grew by 2.5% in 2023, slightly exceeding expectations.