BBVA Research

The Andalusian economy contracted by 11.2% in 2020 due to its high exposure to tourism and social consumption. GDP growth of 5.4% is expected in 2021 and 6.6% in 2022, driven by the progress of vaccination, the recovery of tourism, and NGEU European funds.

Inflation in Argentina closed 2025 at 31.5% year-on-year, the lowest level since 2017, driven by a general slowdown despite a rebound in the second half. Regulated prices and services led the increases, while the government prioritizes rebuilding reserves by adjusting the exchange rate scheme.

Inflation in Argentina closed 2025 at 31.5% year-on-year, its lowest level since 2017, driven by a sharp deceleration compared to 2024. Despite the rebound in the second half due to tariffs and exchange rates, the disinflation process is expected to continue.

The Andalusian economy contracted by 11.2% in 2020 due to the pandemic, severely affecting tourist areas. Growth of 5.4% is expected in 2021 and 6.6% in 2022, driven by the progress of vaccination, the recovery of consumption, and the impact of the European NGEU funds.