December 2, 2020
Big data analysis
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Consumption in November grows 13.6% y/y thanks to the impulse of the day without VAT, services continue to recover but remain in negative territory.On the other hand, investment continues to show marginal improvements associated with a lagging construction component but greater dynamic in machinery and equipment.
General consumption rebounded and reached a real average growth of 10% YoY in the last week. All categories showed progress, with different values. The predictive power of our consumption indicators for economic activity and supermarket purchases is once again confirmed.
The third and last day without VAT of the year had a very positive balance for the sectors that benefited from this exemption. Consumption during this day was 50% higher than that registered for the two previous days. The clothing and household appliance sectors were some of the big winners.
General consumption remained flat in the first half of November, with an upturn in spending helped by the recovery in tourism. On the contrary, categories that had been outlining a progressive improvement surprisingly showed a break.
Due to calendar effects, the consumption slows down in the last days. However, the current month is at similar levels to what was registered a year ago, the good recovery of services is maintained. At the regional level, consumption is slowing down in areas with high Covid affectations.
After the momentum achieved at the end of October, consumption remained flat during the first days of November and is now returning to pre-pandemic levels. Inflation made its way and advanced more quickly than general mobility. ATM cash withdrawals in real terms continue their upward trend.
In the first days of November, consumption maintains an upward trend driven by the consumption of basic goods, mainly health and food. The behavior among cities is again mixed as a result of differentiated measures adopted based on the increase of new cases in some regions.
After the significant drop recorded in the previous measurement, consumption with cards recovered the levels of the first half of October. Most of the main categories improved their performance.