The price of the BBVA share also increased over the quarter, 6.3% above the price at the end of June.
According to the latest information available, global growth is slightly below 3% in year-on-year terms. The improvement in the developing economies is not yet sufficient to offset the slowdown in emerging markets. The impact of Brexit on the financial markets has been temporary and is not likely to have significant effects on GDP in 2016 and 2017 in the rest of Europe, although the uncertainty associated with the negotiations and the type of agreements between the United Kingdom and the European Union is a risk factor. At the same time, the U.S. economy is recovering, but remains subject to the uncertainty surrounding the presidential elections. The pace of normalization of the Federal Reserve's monetary policy is another factor of uncertainty, with potential global repercussions. Geopolitical tension in some regions completes the outlook of global uncertainties in 2016 and 2017.
(1) Calculated by dividing shareholder remuneration over the last twelve months over the closing price at the end of the period.
(1) Calculated by dividing shareholder remuneration over the last twelve months over the closing price at the end of the period.
As regards shareholder remuneration, the Board of Directors of BBVA approved at its meeting on September 28, 2016 a share capital increase against voluntary reserves, in accordance with the terms agreed at the Annual General Meeting of March 11, 2016, to develop the "dividend option" shareholder remuneration system. The number of free allocation rights needed to receive a new share is 66. Holders of 87.85% of these rights opted to receive new shares, an acceptance percentage that continues to be high and once again confirms its popularity among BBVA shareholders.