Argentina | Real-time consumption monitoring (Jan 27, 2021)

Summary

Total consumption made with BBVA cards registered an average YoY growth of 1% in real terms during the last week of measurement. During that period, spending on goods fell 5.7% YoY and spending on services stabilized at -22% YoY.

Key points

• Key points:
• Beyond some fluctuations, the trend of consumption related to tourism continues its upward trend, although with different intensity.
• Official construction activity data for Nov-20 ratified the momentum of our clients' construction spending in that month. We forecast a new drop in such activity in Dec-20.
• The real-time Fuels consumption indicator advanced the increase in economic activity in Nov-20 confirmed by INDEC. For Dec-20, we anticipate another improvement.
• Only five categories were "winners" in the 2020 results in real terms, which accounted for 60% of total spending with BBVA cards.

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