April 9, 2021
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Consumption growth sharply accelerated during March compared with last year lockdowns, this increasing growth rates are observed across all countries and sectors.
In the first quarter of the year, consumption grew 7.5% in annual terms, partially influenced by a rebound effect due to the start of quarantines in 2020. In March, the services sectors returned to pre-pandemic levels, compensating for the lower dynamics of goods consumption.
In March, total card consumption grew 86.3% YoY, this is explained by a low comparison base (in the second half of March 2020, mobility restrictions began due to the beginning of the pandemic).
So far in March, consumption has maintained a similar dynamic to that observed in February, but with a better performance of the service sectors, in which restaurants and fuel surpassed the pre-pandemic level. The beginning of Easter week in the country slows down spending in restaurants and accelerates hotel spending.
Total consumption continues to be unable to grow steadily, remaining at around 0% YoY. The effect of the beginning of the lockdown a year ago is starting to be felt in the different categories. Based on our indicators, activity is expected to grow again in 1Q21, although a second wave of contagions could weaken consumption.
In March, the recovery in spending has slowed compared to that observed in February. Despite a moderation in goods, in the last week of the month a higher relative spending relative to 2019 was observed, driven by the recovery in services, restaurants and clothing.
The pandemic has generated challenges and changes to the work of economists. In this process, it has become more necessary than ever to be analytical, to innovate strategies, to go back in time and to look for new scenarios within and outside the discipline in order to provide possible answers to uncertainty.
This Working Paper presents the Output-side greenhouse gas Emission Intensity indicator (OEI), the first consistent and internationally-comparable country-indicator of the GHG emission intensity from a production-perspective; that is, territorial GHG emitted per unit of goods and services produced in a given year.