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In July, the BBVA consumption indicator grew 17.1% in real terms with respect to the same month of 2019. The increase in household spending coincides with the increase in household liquidity (release of CTS and enabling new withdrawals from pension funds), and the improvement of health indicators.
July 30, 2021
Spain | GDP returned to growth in the second quarter of the year (2.8% quarter-on-quarter)
As expected, the economy resumed a strong recovery following the easing of the mobility restrictions linked to the state of emergency. Domestic demand added, thanks to consumption, while total investment and external demand subtracted. Hours worked grew more than activity
In this publication you will find, on a weekly basis, our selection of the most relevant news regarding financial regulation.
July 29, 2021
Spain | LFS Employment rebounded strongly in 2Q21 after the end of health restrictions
Job creation picked up (0.8% QoQ SWDA; 5.7% YoY) and the number of employees on ERTE or partial unemployment who did not work halved (207,100).Total hours worked increased significantly (3.4% QoQ SWDA; 34.4% YoY) and the unemployment rate fell to 15.3%.
The Government submitted, the fiscal reform bill that includes social measures, mostly transitory, to mitigate the effects of the pandemic on the most vulnerable and raises tax collection by 15.2 trillion pesos permanently, of which 70% from corporate taxes and the rest from anti-evasion and austerity measures.
We adjusted our 2021 economic growth forecast from 7% to 6.5%. This year will be notably marked by the midterm elections. The macroeconomic performance of Argentina during the coming years will be defined crucially by the characteristics of the agreement with the IMF, which would take place in 1Q22.
Exports of goods overcame the weak start of the year and remained sustained, surpassing pre-pandemic levels in May. A progressive recovery in the tourism sector is expected, as foreign tourism is partially offset by national.
Based on historical evidence, the Economic Watch assesses the plausibility of meeting Net-zero and NDC emission pathways (with GDP growth conditioned or not to BBVA baseline) and suggests that if unprecedented shocks are not induced (e.g. through carbon price policies), climate targets will not be reached.