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Economy

All BBVA's information about Economy.

BBVA Research has revised upward its estimate of Spanish GDP growth for 2022 to 4.4 percent (from the 4.1 percent forecast three months ago), although its outlook has deteriorated for 2023, when growth is expected to reach just 1 percent (from the previous 1.8 percent). This is according to the latest 'Situación España' report, presented today by Jorge Sicilia, Director of BBVA Research and BBVA's Chief Economist; Rafael Doménech, Head of Economic Analysis; and Miguel Cardoso, Chief Economist for Spain.

The EIB Group, comprising the European Investment Bank (EIB) and the European Investment Fund (EIF), has signed a new asset-backed securities (ABS) purchase agreement with BBVA. The deal encompasses several transactions through a single securitization, with a structure designed to achieve optimal efficiency. In addition, the EIB Group signed an agreement with BBVA for a €54 million synthetic securitization under the European Guarantee Fund (EGF) program.

BBVA's research unit revises its Spanish GDP growth forecasts for 2023 downward from 3.3% to 1.8% but keeps its estimate for 2022 unchanged at 4.1%. This reflects the scarcity of some raw materials and rising commodity prices generally, with the consequent increase in production costs already feeding through to inflation. In addition, the financial burden on businesses and families is expected to become heavier as the European Central Bank (ECB) moves forward with the withdrawal of quantitative easing. These trends are analyzed and discussed in the latest ‘Spain Economic Outlook’ report, presented by Jorge Sicilia, Director of BBVA Research and BBVA's Chief Economist, Rafael Doménech, Head of Economic Analysis, and Miguel Cardoso, Chief Economist for Spain.

BBVA Research rebaja sus previsiones de crecimiento en España por el impacto de la invasión de Ucrania

BBVA's research unit revised its Spanish GDP growth forecasts downward to 4.1% in 2022 and 3.3% in 2023 (from 5.5% and 4.9% previously). The downgrade takes account of the impact of the invasion of Ukraine, the sanctions imposed on the Russian economy, and steeply rising prices—especially for fuel and electricity—over the past few months, as indicated in the latest 'Spain Economic Outlook' report presented by Jorge Sicilia, Director of BBVA Research and BBVA Chief Economist, Rafael Doménech, Head of Economic Analysis, and Miguel Cardoso, Chief Economist for Spain.

Garanti BBVA recently released its 2021 results, posting the highest growth in Turkish lira (TL) loans among private banks. The total amount of cash and non-cash loans for the year was TL 609.74 billion, and assets reached TL 849.40 billion. Deposits remained the primary source of funding, representing 69 percent of total assets, or TL 582.26 billion and growth of 63 percent over the year.  Garanti BBVA’s strong capital position remains, with a capital adequacy ratio of 13.98 percent (not including temporary measures taken by Turkey’s financial regulator, the BRSA). The return on average equity (ROAE) was 19.0 percent and the return on average assets (ROAA) was 2.0 percent (excluding one-off items).  The bank’s net income for the year was TL 13.59 billion.

Türkiye Garanti Bankası A.Ş., has just reported its financial statements as at 30 September 2021. Based on the consolidated financials, the Bank’s net income in the first 9 months of the year was recorded as TL 9.071,591k. Realized Assets were reported of TL 630,848,420,000and the Bank’s contribution to the economy via cash and non-cash loans was TL 499,840,175k. Focusing on customer happiness, deposits continued to be the main funding source; 68% of assets are funded via deposits. The deposit base reached TL 428,204,119k, with 20% growth in the year’s first 3 quarters. Maintaing the strong capital stance, the bank’s capital adequacy ratio was realized at 15.65% (Except for temporary measures taken by BRSA)(. The Bank delivered an ROAE (Return on Average Equity) of 19.2%** and an ROAA (Return on Average Assets) of 2.2% ( In calculations of average return on assets and average return on capital, one-off items are not included in annualization of net profit.).