Consumption 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.
Consumption in the first half of September grows 18.6% against the same period in 2019, showing a better dynamic than that observed in August, when it grew 11.2%. Goods recorded a growth of 34.0% compared to 2019. Meanwhile, services are still 2.8% below their pre-pandemic level.
Economic activity grew 12.9% year-on-year in July, a still high rate due to a low comparison base. In an analysis that compares the GDP figures for 2021 with those for 2019 (a pre-health crisis situation), what is observed is that in July of this year, activity grew 0.4% (June: 1.1%).
September 8, 2021
Global | The COVID-19 impact on Consumption in Real Time and High Definition: Sept 8th
Consumption growth rates showed a rebound in August in most countries, especially in services and tourism related sectors. In most countries card spending has gained more pull against cash.
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.
Consumption in August grew 11.2% compared to the same period in 2019, lower than the maximum observed since the beginning of the pandemic recorded last July (17.6%). In the month, a generalized lower dynamic was observed in the different consumption categories, although with greater emphasis on the goods groups.
In August, the BBVA Consumption Index fell (-)1.9% MaM (sa), which adds to the low growth of July (0.4%), pointing to a slowdown in pent-up demand in 2H21.
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.