Argentina | BBVA Research Big Data Consumption Indicator (Dec 16, 2021)

Summary

Total consumption with cards is at similar levels to those of a year ago. The contrast between consumption in goods and services persists. Signs of weakness in private sector employment generation. Industry and construction, with expectations of a slight increase in the last part of 2021.

Key points

• Key points:
• In the first 12 days of December, the average variation of total consumption with BBVA cards was -2.1% YoY, while in November it had been 0%. Spending on services surpassed the pre-pandemic level and maintains its upward trend throughout the second half of 2021.
• Our employment indicator shows a small retraction in November. The revival in industry is showing signs of weakness, construction continues its rebound but with exhaustion, and trade is recovering although with a lower number of jobs than pre-pandemic.
• Based on card consumption, we observe a slight increase in both industrial production and construction activity for the last months of this year.
• The official data on supermarket purchases in September 2021 confirm the trend captured by our tracking and a certain slowdown in these particular consumptions in October and November is noticed.

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