Bankinter | The Bank of Spain has updated its forecasts for the Spanish economy, raising GDP growth for this year and the next two years: 2025 will close with an increase of 2.9% (up 0.3%), 2026 with 2.2% (0.4%) and 2027 with 1.9% (0.2%). The improvement in growth projections is based on a review of recent quarterly activity and domestic demand, particularly the dynamism of private consumption. With regard to…
Bankinter: Bank of Spain downgrades GDP projections to +2.4% p.a. for 2025 (-0.3pp) and +1.8% p.a. 2026 (-0.1pp). In his appearance before the Congressional Committee on Economy, Trade and Digital Transformation, the Governor of the Bank of Spain anticipated the revision of the quarterly macro picture whose report will be published today. The adverse scenario with a prolonged tariff escalation would have a “significant negative impact” on the Spanish economy,…
The arrival at the Bank of Spain of José Luis Escrivá, who left his ministerial portfolio with Sánchez to take control of the Bank of Spain and end the critical tone that the issuing bank maintained regarding the government’s economic policy, has already claimed several victims. The most prominent, a few days ago, was that of Ángel Gavilán, the entity’s Director of Economics, who, after presenting the issuing bank’s latest…
Ángel Gavilán, the Director of the Economics and Research Department at the Bank of Spain, has resigned after presenting – out of loyalty – the first Bank of Spain report with former minister José Luis Escrivá as the new governor. It was known that the presented report had omitted the widely shared concern about the Spanish pension system, which, after the reform launched by Escrivá himself, faces increasing expenses and…
A significant shift – highlighted by several Spanish media outlets – in the view that the Bank of Spain has held until now regarding the scale of the challenges facing the Spanish economy. In the first report with former minister José Luis Escrivá as governor of the Bank, the entity’s constant concerns about the sustainability of the pension system have disappeared. As the newspaper El Mundo explains, “After the warning…
Bankinter | The Bank of Spain (BdE) has revised its GDP forecasts for 2025 to 2.7% year-on-year (up 0.2pp); and unchanged at 1.9% for 2026 and 1.7% for 2027. It has also revised the inflation projections for 2025 upwards to 2.5% (up 0.4pp), due to the rise in energy prices, and maintains those for 2026 and 2027 at 1.7% and 2.4% respectively. They project an unemployment rate of 10.5% (down…
Pablo Hernández de Cos, the former governor of the Bank of Spain, has been elected as the managing director of the Bank for International Settlements (BIS). He will succeed the Mexican Agustín Carstens and will take office on July 1, 2025, with a five-year mandate.The BIS, the international institution responsible for coordinating and establishing global regulatory standards for banking and finance, is the author of the regulatory frameworks known as…
The Government puts the current Minister of Digital Transformation and Public Function, José Luis Escrivá, at the head of the Bank of Spain (BdE), despite the rejection of the PP, which refuses to propose a candidate for Deputy Governor in order not to endorse a candidacy that it qualifies as an attempt to politicize the institutions. Today, the Spanish media are picking up on Pedro Sánchez’s previous criticism of the…
“Europe is lagging behind the rest of the major economies and Spain has not been able to achieve sustained convergence in per capita income with the rest of our European partners for more than a decade,” said Pablo Hernández de Cos, governor of the Bank of Spain, who left office yesterday after six years at the helm of the Spanish central bank. The Spanish banker called for “ambition and great…
The governor of the Bank of Spain, Pablo Hernández de Cos, will conclude his six-year term at the helm of the institution tomorrow, Tuesday 11 June, and the government has yet to take a firm decision on his replacement. The Minister of Economy. Carlos Cuerpo, has explained that there is still time to designate a successor to Hernández de Cos, whom he has recognised for his “excellent work” at the…