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The BBVA Multidimensional Manufacturing Indicator fell (-)1.7% YoY in February, bringing the average of the annual change of the first two months of the year to (-)1.2%, 3.2 pp below that registered in the same period of the previous year.

Today, March 21, marks 30 years since the United Nations Framework Convention on Climate Change (UNFCCC) entered into force. To mark the occasion, we take stock of the key events and actions that have shaped the international climate agenda.

In 2024, the prospects will improve in all the Autonomous Communities, driven by employment, domestic consumption and, above all, service exports. In 2025, the push will come from the industrial communities and the recovery of the south after t…

Downward revision to our 2024 Gross Domestic Product (GDP) growth estimate to 2.5% (2.9% previously), with lower dynamism of domestic demand.

Economic activity will rebound this year as the negative shocks that affected it in 2023 revert and the environment for private sector spending improves. Output is expected to grow 2,7%, higher than our three-months-ago forecast (2,0%), as weat…

Javier Milei's government took office aiming to have a less regulated and more market friendly economy with the private sector as the main driver of economic growth. The core of his macroeconomic policy is to achieve fiscal equilibrium and eliminate monetary issuance to cover public spending as of 2024.

Improved financial conditions for households and businesses, facilitated by anticipated lower interest rates and inflation, will pave the way for a gradual economic recovery in Colombia throughout 2024, solidifying by 2025. We project a 1.5% GDP growth in 2024 and a further expansion of 2.8% in 2025.

We summarized the recent Chinese economic development as well as policy outlook in 2024. We also highlight the March 2024 "Two sessions".

After increased concerns on inflation outlook and uncertainty ahead of the local election, there has been additional stress on the Turkish financial markets most recently. We expect more restrictive policies going forward, which will keep the c…

GDP growth in Spain for 2024 is revised upwards from 1.5 % to 2.1 %. In 2025, the advance would be reduced by 0.5 pp with respect to the previous scenario, to 2.0 %. The need to initiate the adjustment in public accounts and the greater weaknes…

The Banking System maintains capital and liquidity levels much higher than regulatory minima. The dynamism of bank financing in 2023 was observed in all sectors (public and private), through various instruments (credit and securities) and was accompanied by higher credit provisions.

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Our most recent publications

Though nearshoring represents a great opportunity for the Mexican economy, it requires an environment that guarantees the reduction of logistic and production costs characterized by legal certainty, financial facilities and economic policies that align the incentives of foreign investors and national actors.

The Israel PM denies the United States request of stopping Rafah’s offensive. The UN wants to alert Israel about the necessity of a ceasefire due to the disastrous humanitary consequences. For its part, the United States abstained from voting at this UN proposal.

The world's attention in recent months has been focused on the decisions of the U.S. Federal Reserve (Fed), geopolitics—especially the conflict in the Middle East—and activity in China. Little attention is paid to Latam, and there is scarcely t…

A few days ago, the European Central Bank (ECB) announced the first revision of its operational framework, designed to guide short-term interest rates into line with its monetary policy decisions and provide liquidity in a context of gradual ba…

Banco de la República reduced its policy rate by 50bp to 12.25%. With this, the Board of Banrep consolidates a 100bp cut since December when it started the process of rate reductions and accelerates the pace of cuts from 25bp to 50bp . Five Boa…

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