Argentina | BBVA Research Big Data Consumption Indicator (Jul-22)

Summary

In June, total consumption with BBVA cards, in real terms, fell 4.2% YoY, the lowest value since February 2021. Spending declines are evident in all categories.

Key points

• Key points:
• The deceleration in the level of consumption in June was observed in both goods and services, which went from growing 16% and 57% YoY in May to 2% and 35% YoY in June, respectively.
• In June, real spending and the number of transactions decreased in all categories with respect to May, with the exception of the number of Home purchases.
• Fuel consumption, which is highly correlated to the performance of economic activity, contracted again in June for the third consecutive month.
• Expenditures in Construction did not give good news in June either, in line with private sector measurements.

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