03 Nov 2022
A professor at Brown University and founder of the Unified Growth Theory, Oded Galord has pioneered the exploration of the impact of evolutionary processes, population diversity and human development inequality. His research links these examples to economics.
06 Oct 2022
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.
14 Jul 2022
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.
22 Sep 2021
The Latin American Federation of Banks (Felaban) organized its 2nd regulatory meeting in Madrid. The employers' association, which gathers the main banking associations in the region, participated in a working meeting with BBVA executives where they analyzed the outlook for Latin America post-pandemic.
16 Sep 2021
09 Jul 2021
The report 'Impact of COVID-19 on Consumption in Real Time and High Frequency´ in Spain, published by BBVA Research, reflects a 28 percent increase in card purchases compared to June 2019 levels. Transactions grew by 19 percent y-o-y through face-to-face channels and 69 percent in non-face-to-face channels. The increase in mobility saw a boost in spending, especially in consumer sectors such as hospitality and leisure, and in those that involve travel, such as transport.
Consumption continued growing at strong rates in June, despite the correction of most of the base effect in year-on-year terms. Mobility-dependent sectors continued recovering unevenly on a per country basis, but rates remained particularly strong in the restaurant and catering industry. This are some of the key takeaways of 'The COVID-19 Impact on Consumption in Real Time and High Definition', a report published by BBVA Research.
18 Jun 2021
According to 'Impact of COVID-19 on Consumption in Real Time and High Definition', a report by BBVA Research, May 2021 card spending was 19 percent higher than in May 2019 (+36 percent y-o-y, i.e. compared to May 2020). Spending in restaurants and leisure grew the most, driven by the lifting of state of alarm restrictions.
The end to mobility restrictions has begun to show in the hotel, restaurant, entertainment, and transport sectors. All of them displayed signs of recovery in May 2021, although at unequal rates depending on the country. This according to 'The COVID-19 Impact on Consumption in Real Time and High Definition,' the latest report published by BBVA Research.
03 Jun 2021
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.
25 Jan 2021
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.
18 Jan 2021
This year, Davos is resuming its normal location and dates, following several years that were impacted by the pandemic. The event organized by the World Economic Forum will once again be held in person in Switzerland, between January 16th - 20th, 2023. With the slogan, “Cooperation in a fragmented world,” the forum will bring together over 2,700 from governments, businesses and civil society representing a record number of attendance at a crucial moment for the world. Davos 2023 serves as a key platform to promote forward-looking solutions and address the most pressing global challenges through public-private cooperation.
05 Nov 2020
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.
28 Oct 2020
The BBVA Research team has published its Economic Outlook for fourth quarter 2020, anticipating that the pandemic and upcoming election could add noise to the short-term outlook even as medium-term prospects improve.
26 Oct 2020
The BBVA Chairman kicked off MoneyFest, this year’s virtual edition of Money2020. In an interview with Spriha Srivastava, Executive Editor overseeing the London Newsroom of Business Insider, he shared his insights into the trends that the pandemic has accelerated, such as digitization and sustainability. Carlos Torres Vila considers that this crisis can be an “opportunity to reset our world.” In this sense, he noted that the “infusion of public funds must contribute to achieve a more digital, sustainable and inclusive society.”
16 Sep 2020
20 Aug 2020
06 Aug 2020
BBVA Research published its July auto sales chartbook, noting vehicle sales exceeded expectations for the quarter, resulting in an upward revision to the economists’ annual forecast. However, sales were still 33.7 percent below levels observed in 2Q2019, the worst decline since 2Q09.
The BBVA Research team published its economic analysis of the drop in gross domestic product for second quarter 2020, noting it is the steepest decline in over-the-quarter growth since 1937, in the aftermath of the Great Depression.
14 Jul 2020
Spain’s GDP could contract 11.5 percent in 2020 and grow seven percent in 2021, according to the latest ‘Spain Economic Outlook’ report, which was presented this Tuesday by Jorge Sicilia, Chief Economist at BBVA Group and Director of BBVA Research; Rafael Doménech, BBVA Research Head of Economic Analysis; and Miguel Cardoso, BBVA Research's Chief Economist for Spain. The contraction that is expected in 2020 represents a downgrade from the previous report’s forecast, which estimated an eight percent drop in GDP this year. The downward revision is mainly due to the fact that lockdown measures were in place longer than anticipated and these restrictions had a greater impact on demand, like in other European countries. Still, the reduction in number of COVID-19 infections and the easing of restrictions has led to a strong recovery. The ambitious policy announcements in Europe and a significant fiscal stimulus in Spain reinforces the expectation that this trend will continue. Even so, the risks continue to tilt to the downside in a climate of continued heightened uncertainty.
12 Jun 2020
According to last week's data on credit and debit card spending, consumption has recovered in regions where pandemic restrictions have been lifted. This improvement is observed in the U.S., Turkey and Spain, and in recent days in Latin America. In Spain, increased spending has been seen in those regions that first moved into phase two of the country's reopening. BBVA Research points out that there was also an increase in ATM cash withdrawals.
21 May 2020
The BBVA Research team has published its Economic Outlook for second quarter 2020, offering a look at how the U.S. economy might recover in a post-COVID world.
27 Apr 2020
The BBVA Research team has published its U.S. Macroeconomic Pulse for April 2020, offering insight into the economic outlook as well as macro fundamentals.
17 Apr 2020
BBVA Group executive chairman Carlos Torres Vila and BBVA CEO Onur Genç participated in a virtual Live@BBVA event with more than 65,000 connections from employees. They provided answers to questions about how BBVA is dealing with the coronavirus crisis and sent a message of hope. “Together we can ensure that the recovery is stronger,” the chairman said. “It is time to step up and make a difference,” and to do so, “ "it is essential that we all - authorities, companies and society a whole - act in a coordinated manner."
31 Mar 2020
According to the publication released from BBVA Research, When will the U.S. economy recover from the infection?, the experience of countries that have transitioned beyond the worst phase of the pandemic suggest that the number of coronavirus cases in the U.S. could peak in the spring or early summer.
17 Feb 2020
Over the past two years, market volatility has caused investors to think twice before investing in Turkish assets. In an interview for Bloomberg in Turkey, Emre Hatem, head of Corporate Loans and Project Finance Restructuring at Garanti BBVA, discusses the country’s economic outlook for 2020 following 2019’s slump in transactions.
12 Feb 2020
BBVA today released its 2019 annual compensation report for its board members, the first that includes sustainability as a non-financial indicator in the variable compensation for the executive chairman. In 2020, the CEO will also have an indicator that will measure the bank’s strategic commitment to climate change and sustainable development. The 2019 compensation policy (applicable for 2019, 2020 and 2021) was already announced last year. It was approved with 94.8 percent of the votes at the Annual General Meeting in March last year.
06 Feb 2020
Nonfinancial debt, specifically the relatively high ratio of business leverage, is drawing attention from economists working in policy and finance spheres, according to a recent publication by BBVA Senior Economist Filip Blazheski.
03 Feb 2020
BBVA Research published its January auto sales chartbook, noting vehicle sales were 16.9 million in 2019, down 1.7% from 2018. While the sales results are still solid, 2019 sales were the lowest since 2014.
28 Jan 2020
According to the publication released this week from BBVA Research, U.S. Macroeconomic Pulse for January 2020, the current baseline assumes growth of 1.8% in 2020, with a potential upside emerging. The paper further notes that model-based recession projections suggest probability around 30% over the next 24-months.