Global economic environment

In 2015, the global economy has maintained modest growth. The year has been marked by new episodes of political and geopolitical instability, and also by more erratic behaviour of financial markets.

Political arena

In the political arena, uncertainty regarding Greece during the first half of the year took centre stage, because of significant doubts arose as regards to it remaining a member of the Eurozone.

Geopolitical arena

In the geopolitical arena, the conflict in Ukraine has taken second stage to the refugee crisis in Europe and the increasing tension with regards to Syria.

Global financial markets

With regards to the global financial markets, the summer movements are notable, fuelled by doubts concerning the growth of China and amidst expectations that an increase in the benchmark interest rate would take place in the United States.

Índice de volatilidad 
VIX del S&P 500
S&P 500 Volatility Index VIX
Source: Bloomberg


In the Eurozone activity has been more positive than in 2014 backed by the depreciation of the Euro, the lower price of crude oil and reduced financing costs.


In terms of inflation, it has remained at a very low level and a long way off from the targets of the monetary policies in the main developed economies. Inflation has declined due to the lower price of crude oil.

Spanish economy

The Spanish economy has maintained a highly favourable development, and has continued to stand out from other Eurozone countries. Its GDP recorded growth, something not seen since 2007.

Emerging economies

Emerging economies have been affected by more restrictive financing conditions, lower commodities prices and the structural deceleration in China. On the other hand, the economic situation has continued to worsen in Brazil.

IPCA de la zona euro

Eurozone headline inflation (HICP) (year-on-year change, %)
Source: Bloomberg

  • HICP
  • Core HICP
PIB de China y Brasil (variación interanual, en%)

GDP China and Brazil (year-on-year change, %)
Source: Bloomberg

  • China
  • Brazil