Publications

GDP rose 2.1% y/y in Q2 2025, fueled by consumption, especially durable goods. Investment focused on machinery and civil works, but buildings weighed down growth. The 2025 forecast remains at 2.3%, with room for upside if positive trends strengthen.

The Spanish economy is entering a new phase of expansion in which the drivers of recent growth are running out of steam. Replacing these with new ones will bring a sense of having already crossed this bridge. But neither the Spanish economy nor the bridge are the same as before.

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%.