Publications

BBVA customers' card spending fell sharply on April 28, 2025, due to the power outage that affected the Iberian Peninsula. In particular, spending by customers residing in the affected areas was 41 percentage points below the average observed on non-holiday Mondays in April 2024.

The automotive industry has shown signs of recovery following the recent recession, with announcements of tax and tariff reductions favoring consumers and projecting an increase in vehicle sales in 2025, driven by enhanced income and improved credit access.

Colombia's demographic shift will reshape key sectors. Declining birth rates and a growing elderly population impact education, employment, healthcare, and consumption. Demand for long-term care, automation in labor markets, and adaptations in housing and financial products for retirement are on the rise.

Activity returned to strong growth in the third quarter (0.8% YoY), driven by domestic demand. Consumption offset the sluggishness of investment and net external demand, which made a negative contribution to growth. GDP growth was driven by productivity, as hours worked grew by only 0.2%.

Consumption in Colombia mirrors demographic and geographic shifts. With smaller households, an aging population, and healthier choices, spending on health and fresh foods rises, while intermediate cities gain economic importance. However, low savings limit future consumption potential.

Economic activity grew strongly again in the third quarter (0.8% QoQ), driven by domestic demand. Consumption would have offset the sluggishness in investment. The contribution of net external demand was slightly negative. GDP growth was due to higher productivity, as hours worked increased by 0.2%.

We summarize the recent development of the Chinese economy and highlight the unbalanced economic structure. Risks include the housing market, geopolitics, deflation and unbalanced economic structure. We also analyze the ongoing fiscal and monetary policy coordination to stimulate growth.

Last week's GDP release, showing a 0.7% YoY growth, raised several points for analysis: the dynamics of GDP per capita in pesos, the importance of the housing sector, the boost in services exports, the performance of domestic demand, and future signals.