Publications

While global investment in renewables has doubled over the past decade, investment in power grids has increased by only 20%. In Spain, distribution grid congestion and renewable energy curtailment are consistent with a pattern of underinvestment.

BBVA Research’s Big Data consumption indicator shows that spending remained broadly stable during the 2025 Christmas season, with a slight increase of 0.3% compared to the same period of the previous year.

Upward revisions in growth forecasts for the Spanish economy have multiplied recently. The feared slowdown that was expected has not occurred.

The Colombian economy will grow by 2.5% in 2025 and 2.7% in 2026, driven by domestic demand while investment begins a gradual recovery. Sticky inflation and fiscal challenges will condition the pace of interest rate cuts by the Central Bank.

Hard data realizations so far confirm the slowdown in activity in 2Q25 while domestic demand conditions continue to moderate. We maintain our 2025 GDP growth forecast of 3.5% despite the downside risks, assuming an effective policy mix targeting a smooth adjustment.

Colombia’s economy gains traction through consumption and easing interest rates, while investment gradually recovers. Inflation is declining, yet fiscal risks persist. Global uncertainty—with trade and financial tensions—adds pressure. Moderate growth is forecast for 2025 and 2026.

Hard data confirms a robust quarterly GDP growth in 1Q25, similar to the previous quarter (1.7% q/q in 4Q24), driven primarily by domestic demand. Leading indicators signal a broad-based weakening in activity for 2Q25. We maintain our 2025 GDP growth forecast of 3.5% with risks becoming tilted to downside.