Argentina | Real-time consumption monitor

Summary

The impact of the pandemic and lockdown affected all sectors, in an economy going through its third year of recession, further weakening the resilience of the economic structure and the capacity for recovery. Thus, monitoring the activity in real time is essential.

Key points

• Key points:
• The health measures taken to contain the pandemic exacerbated the deterioration in private consumption, already contracted by the previous recession.
• The fall in card spending began to be strongly felt from the second half of March, with the announcement of compulsory social isolation.
• Our consumption indicator reached its worst record towards the end of March when card spending plummeted by -31% year-on-year measured in nominal terms (while inflation stood at 48.4% YoY in the same period).
• Food spending gained ground in comparison with the pre-pandemic situation. In contrast, consumption in Bars and restaurants, Transport and travel, Leisure and entertainment failed to recover.

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