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    July 28, 2021

    Colombia | Analysis of the fiscal reform bill

    The Government submitted, the fiscal reform bill that includes social measures, mostly transitory, to mitigate the effects of the pandemic on the most vulnerable and raises tax collection by 15.2 trillion pesos permanently, of which 70% from corporate taxes and the rest from anti-evasion and austerity measures.

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    July 27, 2021

    Spain | Exports of goods and tourism services

    Exports of goods overcame the weak start of the year and remained sustained, surpassing pre-pandemic levels in May. A progressive recovery in the tourism sector is expected, as foreign tourism is partially offset by national.

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    July 27, 2021

    Global | How likely are decarbonization targets? A data-driven approach

    Based on historical evidence, the Economic Watch assesses the plausibility of meeting Net-zero and NDC emission pathways (with GDP growth conditioned or not to BBVA baseline) and suggests that if unprecedented shocks are not induced (e.g. through carbon price policies), climate targets will not be reached.

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    July 22, 2021

    Colombia Economic Outlook. Third quarter 2021

    In 2021 and 2022, economic growth will be driven by the strong dynamism of internal demand and the global economy. Transitory factors will put pressure on inflation and the risk that it will take time to return, with higher activity, will lead the Central Bank to begin a tightening cycle of rates in late 2021.

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    July 21, 2021

    Mexico Economic Outlook. Third quarter 2021

    We upwardly revised the 2021 GDP growth forecast to 6.3% from 4.7%. Banxico will continue increasing the reference rate for the rest of the year unless inflation drops more-than-expected.

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    July 15, 2021

    Mexico | Banxico: contempt for communication

    On June 24, the Board of Governors of Banco de México decided, with three votes in favor and two against, to increase the monetary policy rate by 25 basis points

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    July 14, 2021

    Turkey | The CBRT repeats the same messages

    The Central Bank of Turkey (CBRT) maintained the policy rate (one-week repo) at 19% in line with the expectations. Given the rising upside risks on inflation outlook and potentially increasing global yields, we expect the CBRT to start an easing cycle only very gradually in October and end the year with 17.5% policy rate.

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    July 13, 2021

    Turkey | May IP strengthened after the reopening

    Industrial Production grew by 41% yoy in calendar adjusted terms in May, implying 39% yoy growth in unadjusted series, boosted by base effects. Given strong momentum so far and upward revisions in global growth we revise our 2021 GDP growth forecast on the upside to 8% and downgrade our 2022 GDP growth forecast to 4%.

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