Consumption growth sharply accelerated during March compared with last year lockdowns, this increasing growth rates are observed across all countries and sectors.
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Juan Ramón García
Principal Economist
Madrid
Juan Ramón García is a principal economist in the Spain and Portugal unit of BBVA Research. Among other responsibilities, he is in charge of the conjunctural and structural analysis of the labour market and household consumption in Spain.
Previously, he was a senior economist in the Sectoral Analysis and Global Trends units of BBVA Research and a researcher at the Applied Economics Studies Foundation (Fedea).He obtained a degree in Economics from the University of Santiago de Compostela in 2001 and a Diploma in Advanced Studies from the same university in 2003.Latest publications
Spending with BBVA credit and debit cards or BBVA POS terminals grew 56% y-o-y in March due to the base effect caused by the start of the lockdown period a year ago. Compared to March 2019, the growth in card consumption was lower (18%).
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Social Security affiliarion rose by 70,800 in March and unemployment fell by 59,100. Seasonally adjusted, employment fell by 8,000 and unemployment by 20,000. In Q1, job creation moderated (0.2% q/q q/q CVEC) and unemployment rose (0.5%). There were still 1,184,000 workers with limited activity
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