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Morocco's performance has been buoyant in recent years, driven by investment projects and capital inflows (preparations for the 2025 African Cup of Nations and 2030 FIFA World Cup football tournaments, water, energy and transport infrastructure, etc.), but also by institutional reforms, an improving business environment, and the economy becoming increasingly export-oriented (especially tourism, automobiles and fertilisers) with the EU as the main destination (close to 70% of exports).

The economy is showing a gradual recovery, driven by the reactivation of private consumption in a context of lower inflation and job creation. Also noteworthy is the upswing in investment, boosted by the normalisation of basic energy and transport infrastructure operations, as well as by the broad-based improvement in confidence following the formation of a coalition government in 2024.

Following a robust recovery in 2024, the Peruvian economy continues to expand at a favourable pace, though somewhat more moderately, primarily due to a slowdown in private consumption, which is being constrained by the mounting political and social instability affecting the country.

The economy recovered in 2025, with GDP growing by about 4.5%, driven by renewed private consumption and supported by strong tourism, a rebound in international remittances, and job creation in the services sector.

The Colombian economy has shown signs of stabilising in recent quarters. The upturn in activity is being supported by private consumption, which is 6 pp above its pre-pandemic level, thanks to a strong labour market – with the unemployment rate remaining below the historical average – and rising real household incomes, boosted by the increase in the minimum wage (+23% since 2023) and the expansion of social programmes.

In recent years, Algeria's economy has been hampered by OPEC production cuts in 2023-2024 and subdued oil prices in 2025, and economic activity has slowed because of its dependence on the hydrocarbon sector (it accounts for just over 10% of GDP, almost 50% of government revenues and over 90% of the value of its exports).

The Australian economy lost some momentum in Q3, with real GDP growth of 0.4% quarter-on-quarter (vs. 0.7% in Q2), slightly below the 0.6% anticipated by the Reserve Bank of Australia (RBA), and the year-on-year rate rose by 0.1% to 2.1% (due to the upgrade of the previous quarter).

Chile is growing at around its potential rate (2.6% in 2024, 2.5% in 2025 and 2.0% in 2026). The country’s fundamentals – fiscal rule, credible monetary policy, market access and investment grade credit rating – remain robust and, despite being patchy, the labour market recovery has allowed consumption to improve thanks to real wage growth (due to the increase in the minimum wage and the gradual reduction in working hours).

India is emerging as the fastest-growing economy globally among the major economies, recording average GDP growth of over 7.0% since the pandemic. In the coming years, the Indian economy’s growth is likely to slow down slightly.

Monthly analysis of Portugal’s economic and financial outlook and its long-term prospects. Available in English.

The US economy has proven to be remarkably resilient in 2025 despite a complex landscape marked by trade tensions and high political and economic uncertainty. In the first half of 2025, GDP grew at an annualised rate of close to 1.6%, driven mainly by technology investment (AI), which contributed 1.4 pp, and by consumption which, despite slowing, is continuing to make a contribution, even amid weakening confidence and rising prices due to tariffs.

In 2025, China’s economy remained robust, albeit with certain nuances. Over the whole year, growth reached the 5.0% target set by the Chinese authorities, although in Q4 it was 4.5% year-on-year, the lowest in three years. The indicators showed that there was a slight slowdown in the second half of the year: consumption lost momentum, investment contracted to historical lows and the growth rate of industrial production slowed. 

The German economy is heading towards another year of weak growth. During the first half of the year, the pace of the economy was very volatile, shaped by decisions made in anticipation of the impact of Trump's tariffs.

France appears to be performing strongly despite being in the midst of a political crisis. The growth recorded by the French economy up to Q3 2025 is attributable to patterns that are either unsustainable (such as high inventory accumulation in Q2) or temporary in nature (strong export momentum in Q3 due to orders for aeronautical equipment), which mask the underlying weakness of the French economy.

Like its main euro area partners, the performance of the Italian economy was very volatile in the first half of the year, as a result of agents' decisions to bring forward purchases to avoid the impact of Trump's tariffs on final prices. 

The Turkish economy is experiencing sustained growth, albeit at a more moderate pace since 2024, reflecting the tightening of economic policies aimed at tackling high inflation and the fiscal and external imbalances that emerged following the post-pandemic expansion.

The uptick in social security affiliates of 87,692 in June corroborates the robust buoyancy of the labour market, in line with the CaixaBank Research forecast (+100,000).

The overall budgetary execution figures up to May show an adjustment to public sector accounts.

The pace of job creation in July, of 3.6% year-on-year, is good data and confirms the dynamism of the job market, although it was slightly below the forecasts of CaixaBank Research.