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Economic growth

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Perú se encuentra rezagado en el desarrollo de la innovación con respecto a otros países de América Latina. Esta situación refleja, en parte, un inadecuado desarrollo institucional y la falta de coordinación entre los agentes involucrados (sector público, sector privado y centros de investigación)
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The Eurozone could grow at about 0.4% QoQ in the second quarter after a similar figure in 1Q18, according to our BBVA-MICA model. This poses a downward bias to our 2.3% growth forecast for 2018. Inflation accelerated rapidly in May (1.9%) due to higher commodity prices and the euro depreciation, but the core component has progressed as expected to 1.3%.
Growth is expected to be around 0.8% in 2Q and the BBVA Research forecast for 2018 remains unchanged (2.9%), although there are still biases. On the one hand, the approval of the PGE18 suggests a more expansive fiscal policy. On the other hand, external uncertainty still persists and, in Spain, the relative one to economic policy has increased.
La economía mantuvo un crecimiento del 0,7% t/t en 1T18, algo por debajo de lo previsto (0,8% t/t). Las contribuciones del consumo privado, la inversión en construcción y las exportaciones de servicios fueron significativas, mientras que las exportaciones de bienes y la inversión en maquinaria sorprendieron negativamente en un entorno global donde aumenta la incertidumbre.
Growth slowed in 1Q18 to 0.4% QoQ, more than expected. Hard data picked up somewhat in March, but sentiment data continues to be hesitant up to May. Our BBVA-MICA model projects growth to remain around 0.4% in 2Q18, and imply a downward bias on our 2.3% annual GDP growth projection.
Positive global momentum continued at the beginning of 2Q18, but in a context of greater uncertainty. Hard data indicators have been mixed with robust industrial production but more hesitant private consumption and global trade. Across large areas, US data has been positive while the EZ is stabilizing after a disappointing 1Q and China is decelerating very slowly
El crecimiento se estabiliza, a pesar de los riesgos. En el entorno doméstico, la probable aprobación del proyecto de Presupuestos Generales del Estado introduce un sesgo al alza. Sin embargo, han aumentado los riesgos asociados a la política comercial en EE. UU., las tensiones geopolíticas, el precio de las materias primas y la política monetaria en los países emergentes.
The improvement of the foreign sector is the main key to review upward growth in Spain in 2018 (up to 2.9%), allowing more dynamism in the CC.AA. more exposed to the outside. In 2019, the Autonomous Communities of the North will take greater prominence in the growth (of 2.5%), by the acceleration of exports and the lower boost of tourism and domestic demand.