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Manuel Cabezas

Manuel Cabezas is an economist at Global Macroeconomic Scenarios Unit at BBVA Research since 2017. Previously, he worked as a research assistant at Europe Unit.

He obtained a bachelor degree in Economics from University of Seville in 2014, conducting his exchange program at the University of Pavia. In 2014, he began the preparation for the public competitive exams to join the Economists and Trade Technicians Senior Corps of the State of Spain at CECO (Centre for Economic and Commercial Studies).


Latest Publications

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Eurozone | Growth momentum stabilizes in 2Q at high levels

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GDP growth was revised up to 0.6% QoQ (+0.1pp) in Q1, while improving industrial production along with very strong confidence suggest that the growth momentum will remain steady in Q2 (MICA-BBVA: 0.6%). Recently, foreign trade and retail sales have moderated slightly. Headline and core inflation declined in May, reversing the Easter calendar effect and remain subdued.

Available in Spanish, English

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Global | The recovery shows signs of stabilisation

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Global GDP growth continues to improve in Q2 (BBVA-GAIN: 1% QoQ) but with signs of stabilization. Confidence data remain very strong, but are levelling off and the upward trend in exports and industrial output has moderated at the beginning of Q2. Moreover, the latest data suggest that positive signs are shifting from the US and China to Europe and other emerging economies

Available in Spanish, English

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Eurozone | The outlook remains positive as political risks ease

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GDP grew 0.5% QoQ in 1Q while soft data suggests higher momentum in 2Q (BBVAe: 0.6% QoQ) and foreign trade is strong. But industrial output and retail sales decelerated in 1Q. Inflation pressures are still distant as wages growth remains subdued. Despite the more upbeat outlook and the ease of political uncertainty, risks to short-term growth remain tilted to the downside.

Available in Spanish, English

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Global growth is still gaining momentum in 2Q17, but there are some signs of stabilisation

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Global growth accelerated in 1Q to 0.9% QoQ and 2Q data so far suggest further global momentum (1% QoQ). Confidence data remain very positive, especially for developed economies, while hard data point to higher investment. Moreover, the exports recovery remains on track, partly explained by upward trend in investment in recent quarters.

Available in Spanish, English

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The internationalisation and digitalisation of the portuguese economy

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Dual economy in which many firms do not promote the accumulation of human capital,innovation and trade in international markets. The size of firms and its determinants, product market regulations and the environment for doing business are of paramount importance. All this in a more globalised world economy undergoing an unprecedented and disruptive technological revolution

Geographies:Portugal

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Global | Positive dynamics lead to an upward revision in projections

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Global GDP growth maintains its positive trend in 1H17 as our BBVA-GAIN indicator suggests (close to 1% QoQ). Confidence and global trade continue to point a further expansion, but signals given by hard data are not yet clear. New projections for 2017-18 are revised upwards in China, more moderately in EZ, with no changes in the US.

Available in Spanish, English

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Eurozone | A more upbeat outlook, but still surrounded by (mostly political) risks

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Our MICA-BBVA model estimates growth at 0.5% QoQ in 1Q as improving confidence continued at earlier 2017. Hard data begin to moderate, though foreign trade clearly recovers. Growth forecasts for 2017-18 are revised slightly upwards to 1.7% (+0.1pp) in both years, fostered by higher growth in global demand although risks, mostly political, remain tilted to the downside.

Available in Spanish, English

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Eurozone | Robust growth in early 2017 and still low core inflation

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After growing at 0.4% in 4Q16, our MICA-BBVA model continues to estimate a quarterly GDP growth in the eurozone of 0.5% QoQ in 1Q17 and puts a slight upward bias to our projection of 1.6% for this year. Confidence indicators reflect this mood better than activity data. Finally, despite the 2.0% YoY headline inflation in February, core measures remain subdued at 0.9% YoY.

Available in Spanish, English

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Global | Global growth points to 0.9%-1% in early 2017

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Global GDP growth continues accelerating in Q1, though our BBVA-GAIN indicator of global growth is slightly lower than a month ago (Q4: 0.85%; Q1: 0.93%). Confidence indicators continue to be very strong and global trade gives signals of further expansion, but industrial production and especially retail sales are more moderate in early year.

Available in Spanish, English

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Eurozone | A slight upward revision to our GDP growth projections

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Our MICA-BBVA model estimates growth to reach 0.5% QoQ in 1Q (2H16: 0.4%) as improving confidence at the start of 2017 suggest that the recovery could be gaining momentum in 1Q17. We have revised slightly upward our growth projections to 1.6% this year and next, though political risks persist.

Available in Spanish, English

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Global | More growth, but with old and new risks across regions

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Global growth strengthened in 2H16 (+0.9% QoQ) and it could be gathering pace in 1Q17 (+1.0% QoQ), as our GAIN-model suggests, driven mostly by industrial activity and improving global trade. New quarterly projections remain broadly unchanged, with differences across regions, while risks are tilted to the downside and are mostly of a political nature.

Available in Spanish, English

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Global Watch | Improving activity, but higher uncertainty

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Global growth has stepped up further in 4Q16 (+0.9% QoQ), as our GAIN-model suggests, driven mostly by industrial activity and stronger confidence along with improving global trade and higher new orders. Nonetheless, risks are tilted to the downside and are linked to politics and protectionism, but also derive from China’s imbalances.

Available in Spanish, English

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Eurozone | Some changes for the better

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We continue to see resilience to the various potentially disturbing political events in 2H16. So far, confidence data allow us to be slightly more optimistic. Still more, the recovery of exports and the strength of consumption at the end of 2016 show that positive underlying signs are taking root. Our model suggests GDP to have gained momentum to 0.5%/0.6% QoQ in 4Q16.

Available in Spanish, English

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Eurozone | Soft data point at growth acceleration in Q4, though downward risks prevail

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Our MICA-BBVA model estimates growth to increase to 0.4/0.5% QoQ in 4Q (3Q: 0.3%). Improving confidence proved the EZ resilience after political events since the summer, while data so far suggest a slightly more optimistic outlook for coming months supported by export orders and the depreciation of the euro. However, risks (mostly political) remain tilted to the downside.

Available in Spanish, English

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Global | Broadly unchanged global outlook after Trump´s victory, with uncertainty

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Global growth is expected to gain further momentum in 4Q16 (+0.9% QoQ), as our GAIN-BBVA model suggests, in a context of a better performance of developed countries than emerging economies. Nonetheless, short-term risks continued to be tilted to the downside and mostly political, but also derived from China’s imbalances.

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European Urbanization Trends

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The urbanization process in Europe took place rapidly since 1950, but in the 90s it moderated its pace and it will likely be slower during the next ten years. European cities have become in important hubs for education, innovation and knowledge-based economies. Digitalization has been fundamental to increase competitiveness.

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Global | Slight improvement amid high uncertainty

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Global growth accelerated to 0.8% QoQ in 3Q driven by the rebound in the US and the resilience in both EZ and Asia, while the recession in Latam eased. Incoming data points to a strengthening recovery in emerging Asia, mainly supported by domestic demand but also by improving trade while the industrial recovery in developed markets gathers momentum.

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Eurozone | Steady recovery, resilient to political uncertainty

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The moderate pace of economic growth continued in the eurozone in 3Q16 (+0.3% QoQ), in a context of improved external demand and resilience after the uncertainty experienced by mid-year. We maintain our GDP growth projection for the eurozone at 1.6% and 1.5% in 2016 and 2017, respectively.

Available in Spanish, English

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Global | Very gradual improvement in activity

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Downward pressures on global growth seem to have diminished in Q3, but incoming data so far continue to be volatile. Domestic spending is the main driver of EM’s recovery while industrial production seems to gain momentum in DM. Significant improvement in exports in August across the board, but September figures for Asia increased concerns on trade recovery.

Available in English

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Eurozone | An improvement in the third quarter, with caution

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Our MICA-BBVA indicator estimates quarterly GDP growth in the eurozone to gain some momentum to 0.4% in Q3 (Q2: 0.3%) due to better-than-expected hard data in August that point to stronger private consumption and investment in Q3. However, the still weak global demand and the moderate euro appreciation so far this year could weigh on exports and the industrial sector.

Units:
Geographies:Europe

Available in Spanish, English