Publications

The section presents the annual forecasts derived from recent economic analyses. It allows selecting the desired geography to view specific data, highlighting the information available for the Eurozone, as well as the published projections regarding raw materials.

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The Central Bank will most likely hike again in December, but not at a faster pace; the probability that the hiking cycle continues in 1Q22 has increased .

BBVA Research proposes the creation of 3 monthly updatable indicators that help to understand the evolution of the Spanish pension system and the problems that arise. The first indicator deals with "financial sustainability (ISF)." The second indicator is "benefit rate," while the third indicator measures the public's sentiment about the system.

The Spanish pension system is perfectly workable and sustainable, provided that it adapts to ongoing economic, social and demographic changes in Spanish society.

Distributive pension systems such as Spain’s are based on an implied inter-generational contract between workers and pensioners. A contract which in addition to being sustainable in the long term and providing adequate pensions, must also be balanced and efficient. Without sustainability, adequacy cannot be assured.

Last week, the budget balance of Spanish public administrations and the situation of the Social Security accounts at 2017 year-end were released. This very useful information can be used to update the change in various components of the theoretical Pension Revaluation Index (IRP from its Spanish initials) for 2018.