Published on Thursday, September 15, 2022

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

In August, total consumption with BBVA cards fell 2.9% YoY in real terms, thus returning to negative ground after July's increase. Most of the items contracted after the good performance they had had last month.

Key points

  • Key points:
  • Expenditures on goods and services grew 4.8% YoY and 36.6% YoY in real terms, respectively, but those corresponding to Virtual Platforms plummeted 76.4% YoY, deepening the decline of previous months.
  • The evolution of the average amount per transaction, in real terms, shows a clear downward trend contrary to the growing path of inflation, and is below 2019 levels.
  • The analysis by category shows that the great majority of them worsened during August, showing falls both in the level of real expenditure and in the number of transactions.
  • Fuel sales fell 1.5% YoY in August, the first negative result after 17 months of growth, revealing signs of weakness in economic activity for the second half of the year.
  • Consumption in the construction sector contracted 5.7% YoY, completely eroding the advance registered in July, so we expect the next official result of the sector to be along the same lines.

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