Publications

The 2025 regional GDP advance estimate shows moderate differences from the BBVA Research scenario, although there were significant surprises in some agricultural and tourism-intensive regions following the revision of the National Accounts.

Extremadura is expected to maintain solid growth of close to 2% in 2026-2027, supported by consumption, investment and job creation, with relatively favourable GDP per capita performance. A worsening external backdrop, weak exports and agricultural activity, and structural bottlenecks will weigh on the outlook.

The Colombian economy accelerated in the second quarter, with GDP growth of 3.5% year-on-year, driven by domestic demand (+4.9%). This gap was covered by a 7.5% increase in imports, while exports fell. Public spending was a key, but temporary, driver.

June inflation remained elevated, at 4.0% y/y, driven by weather-related factors that pushed up prices for fish, fruit, and eggs, while Transport fell on lower fuel prices. Core inflation also rose, to 4.5% y/y, reflecting the pass-through of earlier fuel price increases to urban transport costs.

Aragon maintains favorable economic prospects, with growth above 2% over the two-year period, supported by strong employment, private consumption, and the recovery of exports, although shaped by a more uncertain international environment.

Argentina’s economy continues to consolidate its macroeconomic stabilization. While the external sector is gaining strength through the contribution of energy and mining, the main challenge remains extending the recovery to employment, incomes, and the more lagging sectors of the economy.

The Spanish economy will maintain growth of above 2% in 2026–2027, supported by consumption, services and construction, although the deterioration in the international environment is widening regional differences.