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Falling interest rates, the gradual recovery in the eurozone and a more positive demographic outlook are expected to boost residential demand, which in a context of relatively limited housing production will lead to house price growth in the current biennium.

The indebtedness of the private sector remains below that of peer countries, though signs of deterioration in NPL ratios started to be seen. Banks’ FC liquid assets are solid enough to cover their ST external debt. FC credit evolution and swap policies of the CBRT will be decisive for banks’ FC liquidity.

Since 2021 housing starts have been lower than homes created. Factors that could limit housing supply include a shortage of land ready to start new developments, regulatory uncertainty and labor shortages. Measures are needed to boost residenti…

The labor productivity gap between Spain and the eurozone has expanded over the past decade, despite higher gains in value added per hour and per worker in Spain since 2022.

There is still no clear indication of a severe slowdown in the labor market, though it has weakened more than it initially appears. The slower rate of job creation, coupled with frequent downward adjustments to monthly employment figures, sugge…

Formal employment in Mexico continues decelerating, growing 2.2% in May 2024, 0.2 percentage points lower than the previous month. Job creation is expected to pick up in the third quarter but at a slower pace than in 2023.

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Our most recent publications

Falling interest rates, the gradual recovery in the eurozone and a more positive demographic outlook are expected to boost residential demand, which in a context of relatively limited housing production will lead to house price growth in the current biennium.

The June 2024 national unemployment rate was 10.3%, up from 9.3% in June 2023. Seasonally adjusted, the rate was 10.7% and maintains a certain stability, as it has done since December 2023, after the strong rebound it showed between August and December of that year.

The Board of Banrep reduced its monetary policy rate by 50 bp, bringing it to 10.75%. This decision was divided, with 5 members voting for the 50 bp reduction and two members voting for a larger reduction of 75 bp.

The Fed is finally explicitly acknowledging that risks are broadly balanced: it is now “attentive to the risks to both sides of its dual mandate,” rather than “highly attentive to inflation risks.”

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  • US

Hamas political leader killed in Iran heightens tensions and fears of a major regional conflict. Drone attacks in Kyiv intensified the conflict in Ukraine.

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