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November 30, 2021

Turkey | GDP growth reached 11.7% year-to-date

Turkish economy grew by 7.4% yoy in 3Q21, resulting in a growth rate of 11.7% in the first three quarters of the year. 2021 GDP growth will likely reach 10.5-11%, beating our current 9.5% forecast. Though, recent currency shock and accompanying tighter financial conditions will likely weigh on the downside for 2022 growth.

October 30, 2020

Spain | incomplete recovery of activity in 3Q20, although better than expected

The advance of the GDP in Q3 (16.7% t/t; -8.7% y/y) exceeded expectations thanks, above all, to positive surprises in investment. Although domestic demand explained most of the growth (-16.1pp t/t; -4.2pp a/a), external demand also added up. The improvement in the hours worked was intense and productivity fell.

May 8, 2018

Turkey | High core prices pose additional risks

Consumer prices increased 1.87% (mom) in April, even higher than our above consensus estimate (1.7% vs. 1.5%).Annual consumer inflation jumped to 10.85% from 10.23% with a more rapid pick-up in core prices than our expectation. We maintain our year-end inflation estimate at 10.5%, though exchange rate volatility and loose p…

September 7, 2017

Portugal: growth slows in 2Q17

The growth rate of the Portuguese economy in 2Q17 decelerated to reach 0.3% QoQ, in line with the BBVA Research estimate (0.4% QoQ) and below that seen in 1Q17 (1.0% QoQ). Based on data so far available, BBVA Research estimates that growth in 3Q17 will be around 0.5% QoQ.