Publications

Here are all of our publications listed chronologically. You can also find the publications relating to single geography under “Publications by geography” or narrow down your search using the “Advanced filter”.

Latest publications on Public spending

Mexico | Public debt (% of GDP) will be stable in 2025

November 3, 2025

The Historical Balance of Public Sector Borrowing Requirements (HBPSBR) was 51.3% of GDP at the end of 2024. We expect the HBPSBR to be around this level at year-end.

Mexico | Progress continues in fiscal consolidation

August 4, 2025

The Historical Balance of Public Sector Borrowing Requirements (HBPSBR) was 51.3% of GDP at the end of 2024. We expect the HBPSBR to be 52.6% at year-end with a public deficit and PSBR of 3.8% and 4.3% of GDP, respectively.

Spain | Public investment, a weak link in growth

July 21, 2025

Spain needs to recalibrate its fiscal policy to ensure a greater emphasis on spending in production, infrastructure, education, and new technologies. This would help boost long-term growth and improve well-being.

Spain | The gap between savings and investment and productivity

July 7, 2025

Spain's problem is not a shortage of savings, but insufficient investment. The challenge is to channel these savings, both domestic and European, into productive projects capable of generating a return, while creating quality employment and societal growth.

Mexico | Oil-related income falls sharply below budget in 1Q25

May 6, 2025

The Historical Balance of Public Sector Borrowing Requirements (HBPSBR) was 51.4% of GDP at the end of 2024. We expect the HBPSBR to be 53.0% at year-end with a public deficit and PSBR of 3.8% and 4.3% of GDP, respectively.

Spain | Missed opportunities

April 9, 2025

The public deficit looks to have ended 2024 at 2.8% of GDP (excluding the funds set aside to support the victims of the flash floods that struck in October). It is exactly the size of the fiscal imbalance recorded back in 2019.

Mexico | Public debt increases by almost 5 percentage points of GDP in 2024

February 5, 2025

The Historical Balance of Public Sector Borrowing Requirements (HBPSBR) was 51.4% of GDP at the end of 2024. We expect this indicator of public debt-to-GDP ratio to be 53.1% at year-end.

Spain | Budgets, what budgets?

January 27, 2025

There are currently seven autonomous regions of Spain without a budget (rolled over), in territories where the population represents 43% of the total in Spain. In addition, the central government is still working with the 2023 budget.

Big Data techniques used

Mexico Economic Outlook. November 2024

November 28, 2024

We keep our GDP growth forecast for 2024 unchanged at 1.2%, and 1.0% for 2025; the favorable impact of economic activity in 2H24 is offset by lower exports and investment in the face of new tariffs next year.

Mexico | Pemex contributes to a public spending above budget

November 5, 2024

The Historical Balance of Public Sector Borrowing Requirements (HBPSBR) was 49.3% of GDP at the end of the third quarter. We anticipate that this balance will be 50.8% by year-end.

Individual publications may only be downloaded for technical reasons to allow a more complete, rigorous and individual reading of the publications. In this regard, only a brief summary, mention or reference to the publications is permitted and only when all the following conditions are met: (i) it is not for commercial purposes (not even indirect commercial use, e.g. to attract advertising to your website); (ii) a statement is included that BBVA Research is the author and owner; and (iii) a precise and complete link to the URL where the publication is available is included on this website. More information