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Updated: 5 hours 8 min ago

Mexico needs another tax reform

May 30, 2017
In 2019, whoever wins the next presidential elections, a tax reform will be necessary and impossible to put off. This is basically due to the fact that, even with what was achieved by the reform of 2013, the country’s level of tax revenues is very low compared with other economies

Greece: three-way gridlock

May 29, 2017
Grecia se encuentra en la segunda revisión de su tercer programa de rescate, que debería llevar al desembolso de un nuevo tramo de la ayuda financiera que servirá, fundamentalmente, para pagar vencimientos de deuda de algo más de 7.000 millones de euros en julio.

U.S. | Weekly podcast: infrastructure spending, a need rather than a stimulus

May 27, 2017
Discussion on infrastructure spending: the economic impact, current state of infrastructure, and funding options

Financial Regulation: Weekly Update. 26 May 2017

May 26, 2017
Highlights: FSB publishes recommendations to strengthen the governance of financial institutions, analysing whether reforms have reduced misconduct. The FSB and the BIS published a joint report on the increase in the provision of credit by FinTech platforms. The ECB published its financial stability report, highlighting issues of macroprudential policy.

Spain Economic outlook with a view on the real estate sector

May 24, 2017
The world economy continues to improve, albeit within an environment in which risks are still present. In Spain, current activity trends confirm that growth remains strong. We expect GDP growth to remain around 3,0% in 2017 and 2018 (2,7%). Housing demand is picking up, as prices have stabilized or even increased significantly in certain regions.

Spain | Economic recovery gains traction during 2Q17

May 24, 2017
The recovery of the Spanish economy strengthens during 2Q17. Quarterly GDP growth is estimated to accelerate up to 1.0 or 1.1%. If this forecast is confirmed, it would imply a slight upward bias on the 2017 growth considered in BBVA’s scenario (3.0%).

Eurozone | The outlook remains positive as political risks ease

May 24, 2017
GDP grew 0.5% QoQ in 1Q while soft data suggests higher momentum in 2Q (BBVAe: 0.6% QoQ) and foreign trade is strong. But industrial output and retail sales decelerated in 1Q. Inflation pressures are still distant as wages growth remains subdued. Despite the more upbeat outlook and the ease of political uncertainty, risks to short-term growth remain tilted to the downside.

Castile and Leon Economic Outlook 2017

May 23, 2017
The economy of Castille and Leon grew 3.3% in 2016, and will still grow 2.8% both in 2017 and 2018. This will add around 40,000 new jobs in that period and unemployment shall drop to 11%. Although pre-crisis GDP per cápita level has already been recovered, creating more and better jobs remain as challenges.

The beginning of 2017 shows a good performance of fiscal stance

May 23, 2017
Spain reached the stability target in 2016, due to expenditure containment and fiscal measures adopted in the last quarter. In 2017, in a favourable economic environment, the recent performance of public accounts suggests that the deficit adjustment continues. 2017 and 2018 stability objectives are achievable, but will require a tight control of public expenditure.

Mexico Economic Outlook. Second Quarter 2017

May 23, 2017
The outlook is more positive, but still with risks. Inflation continues to rise, but it is a transitory phenomenon. The end of the rate hike cycle is closer

Banking and the fight against climate change

May 22, 2017
The fight against climate change is one of the greatest challenges currently facing mankind. From the socio-economic point of view, the panorama is alarming. Experts warn that a sustained increase in the average temperature on Earth would have serious effects for millions of people

Financial deleveraging: two steps forward; one step back

May 22, 2017
After months of persistent regulatory tightening in domestic financial markets, China’s authorities unexpectedly fine-tuned their stance of monetary prudence by injecting liquidity into the banking sector. We interpret the authorities’ strategy as “two steps forward one step back”. After the market stabilizes and absorbs their messages, they are set to leap forward again.

Lessons from the East

May 22, 2017
While part of the western world strives to find defensive strategies with which to combat low economic growth, China goes onto the attack and speeds up its economic projection and external geopolitics by means of the Silk Road project.

U.S. | Auto sales: a look under the hood

May 20, 2017
Both secular and cyclical factors are behind the current slowdown in auto sales. We expect auto sales to fall below 17 million units in 2017. The decline in demand could prompt a significant adjustment in the auto industry