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The BBVA Research Big Data Consumption Indicator grew 2.1% MaM in August, bringing the average annual variation of the first eight months of the year to 9.1%, 2.3 pp below that observed in the same period of the year former.

The BBVA Research Multidimensional Manufacturing Indicator fell (-)2.7% YoY in July (the seventh consecutive drop so far this year), pointing towards a gloomy outlook for 2H24

By components, spending on goods fell (-)1.4%, while spending on services fell (-)1.0%; the slowdown in retail sales is consistent with the lower dynamism that formal employment has shown in recent months, given the deceleration in the industri…

Economic activity showed slow dynamism in 2Q24, with a quarterly variation of 0.2%; in accumulated terms GDP grew 1.5% YoY in 1H24, compared to the same period of the previous year (industry 1.0%, tertiary sector 2.0%).

The BBVA Multidimensional Manufacturing Indicator decreased (-)3.8% YoY in June (the sixth consecutive drop so far this year), confirming the prolonged deceleration of the sector.

The BBVA Research Big Data Consumption Indicator grew of 0.1% MaM in June, after growing more than 2.0% the previous month (with real figures adjusted for seasonality); by components, the services segment fell (-)1.2%, while spending on goods grew 0.4%.

We will review our growth forecasts for 2024 and 2025 once the reform of the judicial system is known, which could have significant impacts on investment

The BBVA Multidimensional Manufacturing Indicator fell (-)1.8% YoY in May (the fifth consecutive drop so far this year), confirming the prolonged slowdown of the sector due to the lower dynamism of external demand for durable goods.

The BBVA Multidimensional Manufacturing Indicator (MMI) fell (-)2.9% YoY in April, pointing to an extended slowdown in the sector amid the deceleration of external demand

The BBVA Research Big Data Consumption Indicator (BDCI) fell (-)2.0% MaM in April, with real figures adjusted for seasonality

Economic activity grew 0.2% QoQ in 1Q24, with a drop in the industrial sector (-0.4%, QoQ), and resilience of the tertiary sector (0.7%, QoQ); at an annual rate, the estimate of GDP growth indicates a variation of 2.0% for 1Q24, 1.5% for secondary activities, and 2.5% for tertiary activities.

The BBVA Multidimensional Manufacturing Indicator fell (-)1.2% YoY in March (the third consecutive drop so far this year), confirming the prolonged slowdown of the sector, given the gradual slowdown in external demand for durable goods.