Big Data latest publications
Despite the recovery in service expenditures, consumption showed a contraction in mid-October explained by the drop in goods expenditures. Official data confirms the loss of strength of the rebound in activity captured by our real-time indicators.
Traditional data sometimes could not answer elevant questions and other times it could not have a fast answer to them. The use of Big Data and Data Science allows us to quantify these trends in real time. We process and analyze millions of aggregated and anonymized bank transactions to replicate economic indicators.
Consumption with our clients' cards showed a significant rebound during the last weekly monitoring with improvements in most categories. ATM withdrawals confirm the trend captured in previous reports of fewer withdrawals for higher amounts (in constant currency).
Presentation released by BBVA Research at the workshop del Banco Central Europeo "Tracking the Economy with high-frequency data". We presented our work on consumption and investment to monitor the economy in real time and high definition.
We introduce a set of Big Data indicators to mimic Investment in Real Time and High Definition. We use aggregate information of BBVA Big Data from firm-to-firm transactions and complement with individual-to-firm information. The results are successful and are validated through multiple robustness checks.
Card consumption remained flat over the last week. Expenses associated with outings, sports and fuel continue their upward trend since their collapse in March. The most negatively affected categories show a slight reduction in their falls.
October 9, 2020
Global | The COVID-19 impact on Consumption in Real Time and High Definition: Sept. 20
Recovering trends kept in most of the countries during September. The recovery is uneven across sectors and countries, consumption dynamics improved in Turkey, Mexico and Peru. The gap between e-commerce growth and physical purchases remained. Restaurants and entertainment expenditure continues stagnant in Latam countries.
Spending with BBVA credit and debit cards or at BBVA POS terminals increased 3.5% year-on-year in September, 0.5 points less than in August. The sustained growth in purchases with Spanish cards (16%) offset the reduction in transactions with foreign cards (-59%)