Consumption

This study analyzes the saving capacity of Spanish households in 2024. Income is the determining factor. Additionally, household size and housing tenure are key variables that significantly influence family savings.

Economic activity in Peru grew 3.6% year-on-year in July, exceeding forecasts. The dynamism of non-primary sectors, such as construction and commerce, was the main driver, offsetting the weakness in primary sectors, which were affected by climate anomalies and a contraction in fishing.

Peru's Big Data Private Consumption Index showed a year-on-year growth of 10.2% in August, the highest rate in three months. This evolution occurs in a context of high inflation but is supported by improving consumer confidence, a strong labor market, and the advancement of spending digitalization.

Early data suggest the World Cup delivered a smaller-than-expected economic boost in Mexico, concentrated in host cities. Tourism, hotels and consumption show no change in trend. The challenge remains structural: connectivity, promotion, security, infrastructure and business travel.

In spite of the conflict, 2Q26 growth could surprise to the upside relative to our previous forecast as our monthly GDP indicator nowcasts 3.0% y/y growth for 2Q26, indicating a quarterly growth of around 1.0–1.5%. We keep our 2026 GDP growth forecast at 3.0%, with geopolitical tension as the key downside risk.

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.

Peru's economic activity grew 1.8% year-on-year in June, moderating from the previous month. This slowdown was due to the contraction of primary sectors (-7.2%) because of climate anomalies and lower production. In contrast, non-primary sectors, driven by domestic demand, grew by 4.2%.