Publications

After two weeks of railway disruption, consumption in the affected provinces shows a more generalized slowdown. Growth in domestic card spending moderates, while foreign card spending has already turned negative. The largest impact continues to be concentrated in bilateral flows between Madrid and the affected provinces.

The Big Data Private Consumption Index maintained strong growth; in January 2026 it increased by 18.3% YoY (19.3% in December and 16.7% in November).

The increase in total tourism spending (domestic and international) remained dynamic during the third quarter of 2025, reaching 6.5% year-over-year (6.4% in the previous period). The acceleration of domestic tourism offset the moderation in international tourism.

The BBVA Research Manufacturing Multidimensional Indicator (BBVA Research MMI) grew 4.0% YoY in December, maintaining the pace observed in the previous month; in 2025 it records an average year-over-year variation of -0.2%, 2.3 pp above that observed in 2024.

The BBVA Research Big Data Consumption Indicator posted a (-)4.1% MoM decline in December (real, sa), the sharpest contraction since the onset of the pandemic, reflecting a pullback in private spending on both goods (-2.0% MoM) and services (-7.3% MoM).

The Big Data Private Consumption Index accelerated again and grew by 19.3 % YoY in December (16.7 % in November, and 7.7 % in October).

In this work, homogenized series of regional financing are constructed for the period 2002–2023, together with complementary series on cash-based financing, financing allocated to singular competences, and implicit support embedded in the extraordinary liquidity mechanisms for the Autonomous Communities.