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In May, BBVA Research's big data consumption index (inflation-adjusted spending with cards and cash withdrawals) increased 8,0% compared to the same month in the previous year (19.0% YoY in April).
In April, BBVA Research's big data consumption index (inflation-adjusted spending with cards and cash withdrawals) increased 13,0% compared to the same month in the previous year (11.0% YoY in March).
The GDP of the Balearic Islands would have grown by 10.5% in 2021. The sanctions imposed on Russia and the increase in fuel prices reduce growth expectations. Even so, Balearic GDP could increase by 7.1% in 2022 and 5.0% in 2023, making the Balearic Islands the most dynamic region in the three-year period 2021-2023.
In January, spending with cards and cash withdrawals (BBVA Research's big data consumer index) increased 10.5% compared to the same month in 2020 (5.5% compared to January 2021).
Cantabria's GDP could grow by 5.9% in 2021 and 5.4% in 2022. If the forecasts are met, Cantabria will be the region that recovers the fastest to the pre-crisis level of activity and some 15,000 new jobs would be created between 2020 and 2022. There is a downward bias on these forecasts.
According to BBVA's credit card spending data, foreign tourist spending was above the 2019 records for the first time since the start of the pandemic. This, added to the positive effect of domestic tourism, led to a 17% growth in total spending in the sector compared to Oct-19.
In October, the BBVA consumption indicator grew 15.1% with respect to the same month of 2019 (19.1% September). Compared to October 2020, the indicator grew 18.3%, still favored by a low comparison base (spending restrained in 2020 due to isolation and social distancing measures).
Consumption remains dynamic, driving domestic tourism, allowing GDP to grow above average in 2021 in regions where coastal tourism is important. On the other hand, a lower than anticipated increase in investment and exports will affect activity in inland and northern regions.