Publications

In 1985, Spain joined what was then the European Economic Community. Four decades down the line, the balance is very positive in terms of growth, employment, and well-being, although it also reveals certain outstanding issues that Spain would do well to address.

Consumer inflation rose by 1.53% m/m, lower than both our expectation (1.8%) and the market consensus (2.0%), driving annual inflation down to 35.4%. We evaluate that the balance of risks on our 31% year-end inflation forecast become slightly tilted to the downside, depending on the overall stance of the policy mix.

In May 2025, the CPI fell by 0.06%, mainly due to lower food prices, particularly poultry products, following previous increases. Electricity rates and fuel prices also declined, reflecting lower international oil prices.

The real estate sector regained dynamism in 2024. Sales grew in much of the country, driven by a more favorable economic environment. However, the new supply remained insufficient to meet demand. The performance of the sector will be conditioned by several factors.

According to the latest Quarterly Labor Market Observatory, published by BBVA Research and FEDEA, Spain's labor market continues to exhibit strong job creation, although persistent imbalances necessitate structural reforms. Employment growth must translate into greater productivity and equity.

Colombia's national unemployment rate in April 2025 was 8.8%, lower than the 10.6% observed a year prior. Seasonally adjusted, the April rate also stood at 8.8%, marking the lowest recorded since 2015.

The Turkish economy grew by 1.0% q/q in 1Q25, leading to an annual growth rate of 2.0%. Our monthly GDP indicator nowcasts a deceleration to a quarterly growth nearing 0% in 2Q25, which would start improving in 3Q25 with more supportive conditions.

Structural analysis of financial inclusion and productivity, presented at the launch of the 2024 Financial Inclusion Report (RIF) by Banca de las Oportunidades and Superfinanciera. Despite near-universal deposit access and increased credit, pending tasks remain to boost productivity, growth, and well-being.