September 8, 2021
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
Consumption growth rates showed a rebound in August in most countries, especially in services and tourism related sectors. In most countries card spending has gained more pull against cash.
Card spending is in positive ground in the last weeks of August, but without a clear trend. Spending on services continues to recover better than spending on goods, but both remain below pre-pandemic levels.
August began with a YoY recovery of consumption in real terms, although its level is lower than before the pandemic. The end of the winter vacations significantly contracted tourism and leisure spending, while the rest of the categories remain weak.