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National tourism spending remained dynamic in August. The monthly growth reached 9% compared to 2019 levels (7% in July). If spending by Spaniards abroad is excluded, the increase was of 18% (18% in July).
September 8, 2021
Global | The COVID-19 impact on Consumption in Real Time and High Definition: Sept 8th
Consumption growth rates showed a rebound in August in most countries, especially in services and tourism related sectors. In most countries card spending has gained more pull against cash.
Card spending is in positive ground in the last weeks of August, but without a clear trend. Spending on services continues to recover better than spending on goods, but both remain below pre-pandemic levels.
August began with a YoY recovery of consumption in real terms, although its level is lower than before the pandemic. The end of the winter vacations significantly contracted tourism and leisure spending, while the rest of the categories remain weak.
Total consumption started July with a slight growth returning it to pre-pandemic levels, although lower than in the same period of 2019. Increases in categories associated with tourism and leisure, mainly, stand out.
Total consumption grew again in the YoY comparison, although the level of spending has not been able to recover in a sustained way. Our fuel expenditure indicator forecasts a YoY increase in activity, even though with a quarterly contraction.
The economy of La Rioja may have shrunk by 10.2% in 2020, and may grow 5.1% in 2021 and 6.5% in 2022. Public policies and the lower weight of social consumption softened the impact of COVID-19. Consumption and investment will start to push the economy, with risks. European funds shall boost growth especially through 2022.
Total consumption rebounded after the drop at the end of May, although YoY growth is still negative. The level of spending so far in June is below that of the same period in 2020. Our indicators forecast a weak second quarter due to mobility restrictions.