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.
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.
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.
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.
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 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.
Eurozone headline inflation (HICP) (year-on-year change, %)
- Core HICP
GDP China and Brazil (year-on-year change, %)