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The BBVA Research Big Data Consumption Indicator fell (-)3.4% MaM in November, taking the average monthly variation for 4Q22 to (-)1.2% (vs -0.7% in the first two months of 3Q22), with real figures seasonally adjusted.

In September, total consumption with BBVA cards fell 9.4% YoY in real terms. Most of the categories contracted their average real spending level per transaction, remaining below the pre-pandemic level. Our indicators point to a flattening of economic activity.

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.

A monetary policy that carries the reference interest rate to an excessively restrictive terrain in a context where long-term inflation expectations remain well anchored can have counterproductive effects.

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 maintain…

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.

Como en una prueba de resistencia atlética, la economía debe reducir la velocidad para que el crecimiento económico sea sostenible a largo plazo. Es mejor guardar energías para los siguientes años. La maratón económica no es un objetivo de corto plazo: es una meta que se logra paso a paso.

In July, BBVA Research's big data consumption index (inflation-adjusted spending with cards and cash withdrawals) stagnated (YoY growth 0.0%).

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.

In June, consumption moderated despite a VAT-free day with a significant positive impact. Spending on services slowed the most. Still, consumption growth remains at high rates.

In May, total consumption with BBVA cards, in real terms, grew 10.2% YoY. The latest data from our real time indicators show a weakness in the economic recovery process.

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).