Publications

The BBVA Research Big Data Consumption Indicator reported a (-)0.3% month-on-month (MoM) decline in September, reflecting contractions in both goods and services segments.

Domestic demand continues to slow; private consumption fell (-)0.1% as of June (YoY, cum.), while investment contracted (-)6.4%. We revise our 2025 growth forecast upward to 0.7%, supported by the favorable performance of the economy in 1H25, although expectations point to a slowdown in the second half of the year.

The BBVA Research Multidimensional Manufacturing Indicator (BBVA Research MMI) fell (-)3.0% YoY in August, the largest contraction since January.

The BBVA Research Big Data Consumption Indicator reported a 2.5% MoM increase in August, temporarily driven by the back-to-school season (goods consumption grew 4.4%, and spending on services rose 1.6%).

The BBVA Research Multidimensional Manufacturing Indicator grew 1.2% YoY in July, 0.9 pp above the figure registered the previous month (0.3% YoY); considering the July data, the year-over-year variation of the BBVA Research MMI reaches an average of (-)0.2% in the first seven months of the year (vs -1.5% in 2024).

The BBVA Research Big Data Consumption Indicator reported a (-)1.3% MoM drop in July, due to the slowdown in the goods segment (-2.3% MoM) and the stagnation of the services component (0.1% MoM).

The BBVA Research Multidimensional Manufacturing Indicator (IMM BBVA Research) grew 0.3% YoY in June, 1.7 percentage points below the previous month's figure (2.0% YoY)