COVID-19 latest publications
Part of the higher inflation we are seeing in Spain is due to a recovery in demand thanks to strong progress in the COVID-19 vaccination drive and economic support policies. Another part is explained by factors that could slow down growth.
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 7, 2021
Spain | Impact of COVID-19 on consumption in real time and high definition in Aug-21
Card spending in August was 35% higher than in Aug-19 (28% in July). Transactions with Spanish cards gained momentum, especially non-face-to-face (139%), while those with foreign cards narrowed the gap with 2019 figures.
In Spanish, the term “resilience” only really became popular after the 2008 financial crisis, but today it has taken center stage in all economic policy debate.
Looking at what lays ahead for us in the last few months of the year in the global economy, unfortunately the situation has not yet normalized.
In July, the unemployment rate was 14.3%, lower than in July 2020, but higher than in July 2019. Between June and July 2021, with comparable data, the unemployment rate decreased by 1.1 p.p.. This reduction was leveraged on employment, which grew considerably in July.
September 2, 2021
Spain | Job creation continued in August and the fall in unemployment surprised again.
Social Security affiliation and unemployment decreased in August (-118,000 and -82,600, respectively). Adjusted for negative seasonality, BBVA Research estimates that employment rose by 32,000 and unemployment fell by 104,000. The number of workers with limited activity is now below 500,000.
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.