Spain’s GDP fell 10.8 percent in 2020 (practically in line with BBVA Research’s prediction of 11 percent) and could grow 5.5 percent in 2021 and seven percent in 2022, according to the latest report Spain Economic Outlook by BBVA Research. It was presented on Thursday by Jorge Sicilia, Director of BBVA Research and Chief Economist at BBVA; Rafael Doménech, the Head of Economic Analysis; and Miguel Cardoso, Chief Economist for Spain. Nevertheless, if the spread of COVID-19 continues to be limited and the government’s vaccination plans move ahead, the research service feels that there could be an upward bias for these forecasts.
According to the latest economic analysis published by the BBVA Research team, March’s unemployment figures remain stubbornly high despite strong increases in employment, dropping to 6 percent for the month.
According to the latest economic analysis from the BBVA Research team, February’s unemployment figures confirm that labor market conditions continue to improve as COVID-19 cases slow down, vaccination rates rise and restrictions are lifted in some parts of the U.S.
BBVA Research published its January auto sales chartbook, noting vehicle sales went up 5 percent in the fourth quarter of 2020. Sales for the year declined 14.7 percent to 14.5 million units, the lowest since 2012.
In an economic analysis published by the BBVA Research, the team’s lead economists report that the economy continued to expand in the fourth quarter of 2020, though at a much slower pace. According to the analysis, this pace reflected both solid ongoing momentum and the negative consequences of lower fiscal support and rising COVID-19 cases.
Carlos Torres Vila, Group Executive Chairman:
The BBVA Research team has published its Economic Outlook for first quarter 2021, noting that a post-holiday surge in COVID-19 cases and a vaccine rollout that is falling short of expectations have confirmed the need for further stimulus.
According to the latest economic analysis from the BBVA Research team, November’s unemployment figures suggest that the labor market is losing momentum as the pandemic worsens and fiscal support wanes. Additionally, the ongoing increase in permanent unemployment reveals the damaging long-term effects of the pandemic. Both situations highlight the need for Congress to take action and adds pressure on the Fed to take more decisive action.
BBVA Research published its October auto sales chartbook, noting vehicle sales have experienced a v-shaped recovery, increasing 36 percent in the third quarter of 2020 from the previous quarter. However, sales are still 10 percent below levels observed in 3Q2019.