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Members of the Board of Directors of Banco de la República give an idea of what is to come in terms of monetary policy for the remainder of 2021 and 2022. The Central Bank will decide whether to start its upward cycle at the next meeting at the end of September.
The European Union has announced that it will issue up to 250 billion euros in green bonds over five years to fund "Next Generation EU" projects with a positive environmental impact.
Part of the higher inflation we are seeing in Spain is due to a recovery in demand thanks to strong progress in the COVID-19 vaccination drive and economic support policies. Another part is explained by factors that could slow down growth.
Consumption in the first half of September grows 18.6% against the same period in 2019, showing a better dynamic than that observed in August, when it grew 11.2%. Goods recorded a growth of 34.0% compared to 2019. Meanwhile, services are still 2.8% below their pre-pandemic level.
Economic activity grew 12.9% year-on-year in July, a still high rate due to a low comparison base. In an analysis that compares the GDP figures for 2021 with those for 2019 (a pre-health crisis situation), what is observed is that in July of this year, activity grew 0.4% (June: 1.1%).
September 15, 2021
China | Worse-than-expected growth exposed the vulnerability of anti-virus strategy
The August real economic indicators further confirmed a continuing deceleration growth amid the recent regulation storms as well as the Delta variant virus flare-ups in mainland China as industrial production, retail sales and fixed asset investment all tumbled.
The tax reform includes social measures, mainly transitory, to mitigate the effects of the pandemic on the most vulnerable and raises revenues in COP15.2 trillion on a permanent basis. Of this, 70% from corporate taxes and the rest from anti-evasion and austerity. The fiscal rule is also reformed.
Industrial Production (IP) grew remarkably lower than expectations by 8.7% yoy in calendar adjusted terms (cons:15.2%) in July, whereas it contracted by 2.3% yoy in raw series. However given the strong momentum so far and still recovering global growth we maintain our 2021 GDP growth forecast at 9%.