Economic indicators latest publications
In the first quarter of the year, consumption grew 7.5% in annual terms, partially influenced by a rebound effect due to the start of quarantines in 2020. In March, the services sectors returned to pre-pandemic levels, compensating for the lower dynamics of goods consumption.
So far in March, consumption has maintained a similar dynamic to that observed in February, but with a better performance of the service sectors, in which restaurants and fuel surpassed the pre-pandemic level. The beginning of Easter week in the country slows down spending in restaurants and accelerates hotel spending.
In March, the recovery in spending has slowed compared to that observed in February. Despite a moderation in goods, in the last week of the month a higher relative spending relative to 2019 was observed, driven by the recovery in services, restaurants and clothing.
Consumption so far in March remains above that registered in the same period of 2019 and 2020, however, it moderates compared to the rebound observed in February after the confinements. Some services, which were behind, accelerate in March.
Consumption during March has lost traction and slowed compared to February, but is still above pre-pandemic levels. The services group continues to recover slowly but has not yet reached pre-pandemic levels.
The annual “two-sessions” of China, namely the National People’s Congress (NPC) and the Chinese People’s Political Consultative Conference (CPPCC), commenced in Beijing on March 4th 2021 and will be last for around one week, which are always the top priority in China’s political agenda every year.
Consumption in February returned to pre-pandemic levels, driven by the services segment, which rebounded during the month thanks to the easing of mobility restrictions. Consumption accelerated in all major cities, but only in Barranquilla and Pereira was it above the level recorded a year ago.
During February, consumption is already above the level recorded a year ago, growing 1.2% in annual terms. On the other hand, consumption of goods grew 13% while consumption of services fell nearly 15%. At the regional level, a generalized rebound is observed in the main cities, with the exception of Barranquilla.