Searcher
Giancarlo Carta
Giancarlo Carta
Economist
Spain

Giancarlo Carta has been a BBVA Research economist since 2017, and he has spent his whole career to date in the BBVA Group. Currently he is a member of the Spain Unit, where he handles some of the analysis of Spanish regions within BBVA Research.

Prior to this, he used to be part of the CEO Office, where he was in charge of the bank’s financial analysis (both for the Board of Directors and for the market and analysts), as well as strategic (KPI tracking) and communication projects.

In 2013 he received a Degree in Economic Development and International Cooperation from the University of Palermo (Italy - Final Grade 110/110 cum laude). In 2015 he finished a Master’s Degree in International Economy in the Autonomous University of Madrid.

Latest publications

The 2020 lockdown resulting from the COVID-19 pandemic cost nearly one million jobs between February and May, a figure similar to what was lost between Aug-08 and Mar-09. In contrast, the measures adopted in 2020 have allowed for a smaller impact on employment than that observed in the GDP.
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%
The results confirm the BBVA Research scenario. GDP growth was higher in Madrid, Navarra and the southeast of the peninsula (Andalusia, Murcia and C. Valenciana). On the other hand, a more marked slowdown is observed in the peninsular center (Castilla-La Mancha, Castilla y León and Aragón) and Cantabria.