Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 801

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 801
---
 This led to an unprecedented increase in the price of natural gas and electricity in Europe and stoked fears that strict energy rationing might be introduced during the winter. |

| – | Developed countries across the globe saw their economies deteriorate over the year due to the consequences of the 
 conflict in Ukraine, persistently high inflation and tighter financial conditions.                                |

| – | In Spain, the economy outperformed the rest of the Eurozone, although it also slowed down over the year. The labour 
 market remained relatively steady, with the lowest unemployment rate since 2008.                                    |

| – | In terms of economic policy in Spain, the government extended existing measures and rolled out new measures to deal 
 with the energy crisis and high inflation.                                                                          |

| – | Spain also made progress in rolling out the Next Generation European funds, although the allocation and execution of 
 these funds fell short of the government’s expectations.                                                             |

| – | Emerging economies proved resilient to the global economic environment, although the risks remained in economies with 
 weaker fundamentals. China abandoned its zero-Covid policy at the end of the year.                                    |

| – | In Latin America, Mexico saw good economic performance, thanks to its limited exposure to Ukraine, the improvement of 
 problems in global supply chains and its proximity to the United States.                                              |

| – | Inflation was the macroeconomic variable that aroused the most interest in 2022, reaching new record highs, with 
 inflationary pressures spreading to various components.                                                          |

| – | Inflation was pushed up by the higher costs of energy and commodities as a result of the conflict in Ukraine. In the 
 United States and the United Kingdom, the jump in wages also contributed to higher inflation.                        |

| – | Central banks focused on combatting inflation, introducing widespread interest rate hikes. |

| – | The European Central Bank (ECB) raised interest rates by 250 basis points, introducing hikes of up to 75 basis points                                       
 in two consecutive meetings. The ECB also discontinued its asset purchase programmes and announced that it would begin to reduce its balance sheet in 2023. |

| – | The Federal Reserve (Fed) began its most aggressive rate hike cycle in several decades, increasing the range of its 
 Fed funds rate by 425 basis points, coinciding with the launch of its quantitative tightening programme.            |

| – | The Bank of England (BoE) raised its base rate in each of its monetary policy meetings, gradually increasing the 
 scale of these rate hikes. The