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Presentation for the Conference on Non-traditional Data, Machine Learning and Natural Language Processing in Macroeconomics hosted by Sveriges Riksbank and jointly organized with the Federal Reserve Board, the Bank of Italy, and the Bank of Canada.
In August, total consumption with BBVA cards fell 2.9% YoY in real terms, thus returning to negative ground after July's increase. Most of the items contracted after the good performance they had had last month.
The BBVA Research Big Data Consumption Indicator (BBVA Research BDCI) reported a real drop of (-)1.5% MoM in August, with seasonally adjusted figures.
In August, consumption growth stabilized at levels similar to those observed in July, although below those of previous months. There was a weaker performance of goods consumption and a reduction in credit card spending. By city, Bogota maintained the best dynamics among the main cities.
Total consumption with BBVA cards grew 6.5% YoY in July in real terms, reversing the negative performance of June, as did the great majority of categories.
The BBVA Research Big Data Consumption Indicator grew 0.5% MoM growth in July with seasonally adjusted figures, given the contraction of the services sector (-0.8%) and the modest growth in spending on goods (1.1%).
In June, total consumption with BBVA cards, in real terms, fell 4.2% YoY, the lowest value since February 2021. Spending declines are evident in all categories.
July 7, 2022
Mexico | Consumption grew 1.0% in June driven by services; the food sector lagging behind
Within the services segment, differentiated performance of tourism and entertainment, which continued to register contractions or modest growth