In spring 2020, BBVA Research began to analyze the COVID-19 impact on consumption in its geographies thanks to the use of big data technologies.
José Ramón Vizmanos
Head of the Global Client Unit at BBVA Corporate & Investment Banking (CIB)
BBVA Research through its Global Economic Research area and Clarity AI, presents the "Cash vs. card consumption patterns: a Machine Learning approach" study on the use of cards and cash in the country.
Consensus Economics, one of the world´s most recognized analysis firms, has awarded Garanti BBVA the Forecast Accuracy Award for work by its economic analysis department.
The BBVA Research team has published its Economic Outlook for second quarter 2021, noting that a successful vaccination campaign, combined with low interest rates and massive fiscal stimulus, is expected to drive a strong recovery.
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.
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.