Argentina | BBVA Research Big Data Consumption Indicator (May-22)

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.

Key points

• Key points:
• In May, pre-pandemic and 2021 real spending levels were once again exceeded. However, the number of transactions slowed sharply.
• Our real-time fuel consumption indicator continues to give off signals of the fragility of the economic recovery.
• Supermarket purchases fell 9.6% YoY in real terms, pointing to 14 months in negative ground.
• The consumption of our clients in the construction sector is also showing signs of weakening, in line with the path of the sector's indicators, which are returning to the average pre-pandemic level.
• In the BBVA Group countries where consumption is surveyed in real time, the phenomenon of global inflation is evident.

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