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The record highs reached in household savings in the second quarter of 2020, has been one of the most striking characteristics of the current crisis. Since then, it has declined somewhat, which has lent support to the recovery in consumer expenditure and the housing market.
October 11, 2021
Global | The COVID-19 impact on Consumption in Real Time and High Definition: Oct 11th
Consumer spending growth stabilises at August levels in most countries, but with mixed movements by sector of activity. E-commerce maintains the pace of growth in almost all geographies, while the use of cash is losing ground. Spending on services outpaces spending on goods.
In this publication you will find, on a weekly basis, our selection of the most relevant news regarding financial regulation.
October 8, 2021
Spain | Impact of COVID-19 on consumption in real time and high definition in Sep-21
Card spending in September was 37% higher than in the same month of 2019 (35% in August) driven by the upturn in purchases with Spanish cards. Face-to-face transactions gained traction (26%), while online transactions slowed their progress (72%).
According to BBVA credit card spending data, national tourism spending picked up slightly in September. Growth in the month was 11% compared to 2019 levels (9% in August). If spending by Spaniards abroad is excluded, the advance stood at 22% (19% in August).
Speaking at South Summit 2021, held in Madrid from October 5 to 7, Jorge Sicilia argued that innovation and entrepreneurship are key to healthy economic growth and enhanced well-being.
The recovery of the Valencian economy has increased in intensity in recent months, so that it will grow well above its potential, and will recover its pre-pandemic GDP level by the end of 2022.
Social security affiliation increased by 57,400 people in Sep-21 (45,000 seasonally and working-day adjusted (SWDA), according to BBVA Research estimates) and unemployment fell by 76,100 (76,000 SWDA). In 3Q21, both job creation (1.2% t/t SWDA) and unemployment reduction accelerated (-7.7%).