Publications

The trade agreement between the U.S. and the EU confirmed an already anticipated increase in tariffs, with a limited impact on Spain. Economic activity and inflation remain stable, markets show resilience, and monetary policy in the euro area consolidates without further rate cuts.

In June, real growth in outstanding loans to non-financial private sector slowed to 5.4% annually, its lowest level since April 2024, as the surge in demand ahead of US tariffs faded. Deposits registered a slower overall growth (3.6% in real annual terms), influenced by the weakness of the economy's revenue sources.

In March, outstanding credit granted to the non-financial private sector maintained double-digit growth, supported by corporate lending. Traditional banking deposits growth (sight+term) accelerated aunderpinned by public sector resources.

Colombia aims to cut its fiscal deficit to 5.1% of GDP in 2025, but success depends on swift institutional reforms, clear spending plans, and transparent financing. In a volatile global context, timely and credible messages are key to maintaining investor confidence.

In October 2024, traditional bank deposits had a real annual variation of 4.7% (9.7% nominal), a figure higher than that of September (4.0% real). While the current credit portfolio granted by commercial banks to the SPNF grew 7.0% real annually (12.1% nominal), below the increase in September (7.2% real).

In September, current credit to the NFPS slowed down 0.5% YoY in real terms, as a result of the lower dynamism of consumer and business credit. Traditional deposits decelerated 0.6% YoY in real terms, as a consequence of the continued weakness of term deposits. A feeble economic activity seems to lie beneath both dynamics.

In April 2024, the balance of traditional bank deposits (sight + term) registered a real YoY growth rate of 3.6%, while the balance of the current credit portfolio granted by commercial banks to the non-financial private sector (NFPS) recorded real YoY growth of 5.6%.

In March 2024, the balance of the current credit portfolio granted by commercial banks to the non-financial private sector (SPNF) registered a real annual growth of 4.9%, while the balance of traditional bank deposits (sight + term) registered a real annual growth rate of 4.5%.