Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 611

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 611
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 considers the macroeconomic environment. The most significant aspects of 2023 are set out below:

| – | The main factors at play in 2023 were the interest rate hikes carried out by central banks and their gradual effects 
 on economic activity.                                                                                                |

| – | In 2023, inflation gradually eased from the peaks observed in 2022. |

| – | The correction in the prices of energy and industrial goods was, to a large extent, the force behind the moderation      
 of headline inflation. The evolution of core inflation was more subdued, although it also showed a clear downward trend. |

| – | The evolution of the global economy showed a marked divergence between the dynamism of the US economy, which proved              
 to be stronger than expected, and the Eurozone and UK economies, which lagged and were practically stagnant throughout the year. |

| – | Spain continued to outperform other Eurozone countries. The economy was driven mainly by a gradual improvement of 
 private consumption and, to a lesser extent, by the contribution of the public sector.                            |

| – | In terms of economic policy in Spain, the approval of the second part of the government’s pension reform and the 
 continuance of most of the measures to alleviate the impacts of the energy crisis were noteworthy features.      |

| – | The European Commission approved the addendum to the Spanish Recovery Plan, which will mobilise an additional 
 94 billion euros from the Next Generation EU funds.                                                           |

| – | The emerging economies proved themselves resilient to the global economic landscape. Adjustment of the real estate 
 sector in China intensified, although the repercussions remain limited.                                            |

| – | In Mexico, the economy performed well. Investment grew at historic double-digit rates, partly due to nearshoring with 
 the United States.                                                                                                    |

| – | Global geopolitics continues to represent a vector of uncertainty for the economic environment. The outbreak of a new                  
 conflict between Israel and Hamas reignited instability in the Middle East, although the broader economic repercussions were marginal. |

| – | The financial sector suffered a temporary episode of instability, related to the collapse of US regional banks                                                                                                
 Silicon Valley Bank (SVB) and Signature Bank and the acquisition of Credit Suisse by UBS. The authorities managed to contain the financial contagion and, ultimately, the economic consequences were limited. |

| – | The developed nations’ central banks continued their cycle of interest rate hikes in 2023, although the pace was                        
 somewhat less intense than in 2022.