Juan Manuel Manías
•M.A. in International Economics Relations (UBA, Argentina)
•B.A. in Economics (UBA, Argentina, Magna Cum Laude Honours)
•Previous work experience includes Banco Francés Financial Area since 2000.
•Joined Economic Research Department in 2009
Total consumption rebounded after the drop at the end of May, although YoY growth is still negative. The level of spending so far in June is below that of the same period in 2020. Our indicators forecast a weak second quarter due to mobility restrictions.
The consumption growth rates in May were lower across all countries except Mexico due to the Covid-19 impact starting to improve in May 2020.
The tightening of sanitary measures at the end of May decreased consumption to April 2020 levels, affecting categories related to mobility and "non-essential" activities. A significant improvement in the level of Argentina's spending on the path towards the new normality is not yet visible.