Publications

Banking intermediation exhibited the effects of economic slowdown in October. Current loans growth to non-financial private sector came at 4.5% in real terms annually, as the growth of the consumer portfolio waned. While banking deposits growth came at 2.2% annual, a 1.7pp below the average growth during 3Q25.

Banking intermediation revealed the effects of economic slowdown in August. Current loans growth to non-financial private sector waned to 5.1% in real terms annually, as the growth of its main components dwindled. While banking deposits growth came at 3.9% in real terms annually, a 1.4pp below the average growth in 1H25.

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).