Miguel Cardoso |

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Miguel Cardoso

BBVA Research

Chief Economist

Miguel Cardoso is Chief Economist for Spain at BBVA Research, where he leads a team of 13 economists dedicated to the macroeconomic, sector and regional analysis of the Spanish economy. At BBVA Research he has also held positions as Chief Economist for Chile, and Senior Economist for Emerging Markets.

Previously, he was an Assistant Professor (on tenure track) at the Department of Economics of Universidad Carlos III de Madrid, and worked also as an Advisor to the Director General of Fiscal Planning in the Ministry of Finance and Public Credit in Mexico.

He earned a Ph.D. in Economics from the University of Minnesota in the U.S., and a BA in Economics from the Instituto Tecnológico Autónomo de México (ITAM). He has authored several publications, with some of his main areas of research being the amplification mechanisms of business cycles, the characteristics of the crisis in Spain and its regional impact, as well as the impact of public policies on the determinants of export capacity, public finance and the labor market.

Latest publications

Spain | Trade Effects of European Tariffs on US Goods

9 July 2025

Amid rising global uncertainty, trade tensions with the United States are resurfacing. As background, in 2018 the EU responded to Trump's tariffs by imposing levies of 25% on more than 180 products. This had a lasting effect on the pattern of Spanish imports, although the overall economic impact remained limited.

Spain | Public debt digs in its heels: the tailwinds peter out

7 July 2025

Spanish public debt will come down very slowly over the coming years and is at risk of stagnating at around 100% of GDP. It seems that the extraordinary conditions that helped it come down have been squandered to promote reforms that would lead to a more robust path of fiscal consolidation.

Spain | Between global uncertainty and domestic stimulus

16 June 2025

BBVA Research’s forecasts released this past week point to slight changes in GDP growth expectations, despite the fact that the economy has been exposed to significant shocks.