January-December 2013


Macro and industry trends

After the slowdown seen in the first half of the year, the upturn in growth in the global economy, already apparent in the previous quarter, has continued in the latter part of 2013. This has had a positive impact on financial markets in late 2013, once the uncertainty, particularly regarding the expansive monetary policy applied by the Fed, was dispelled. The economic authorities have also implemented certain measures that have contributed to remove a number of risks.

The breakdown of the activity and earnings of the BBVA wholesale business is shown below. Unless otherwise indicated, all the comments on changes below refer to constant exchange rates. Due to the aforementioned widespread depreciation in currencies, which had an impact on the Group’s financial statements against the euro, the exchange rate has a negative impact on the year-on-year change, in both earnings and in balance sheet and activity, and not only in the quarter but also for the year as a whole.