Argentina | Real-time consumption monitoring (Feb 24, 2021)

Summary

Total card consumption grew at an average real rate of 0.4% in February. Our real-time indicators ratify the correlation with official data on supermarket sales and electricity demand. With the inoculation process in progress, no significant changes in spending were observed.

Key points

• Key points:
• Consumption in Bars and restaurants returned to positive territory after a continuous growth since the collapse suffered in March-April 2020. Likewise, expenditures in Fuels, Automotive and Accommodation continue to recover.
• INDEC released Supermarket sales data during December 2020, corroborating once again the increase captured by our real-time indicator during that period.
• Industrial demand for electricity continues to attenuate the peak recorded in December. Our total consumption indicator with cards predicts a return to February 2020 values during the current month.
• Based on the real-time measurements of BBVA's different geographies, there are no significant changes in overall consumption, having started the vaccination process worldwide.

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