Argentina | Real-time consumption monitoring (Jul 14, 2021)

Summary

Total consumption started July with a slight growth returning it to pre-pandemic levels, although lower than in the same period of 2019. Increases in categories associated with tourism and leisure, mainly, stand out.

Key points

• Key points:
• Expenditures on goods began to cut their YoY decline of the previous weeks and are on the way to recovering the place given to expenditures on services, which have slowed down significantly.
• In the international comparison, the lag in the evolution of total consumption in Argentina is evident when compared to the performance of other BBVA Group countries where the same monitoring is carried out.
• The increases in the level of spending related to tourism, leisure, gastronomy and clothing stand out, as a consequence of the advent of the winter vacations, the impact of the half bonus, the flexibility of the restrictions to mobility and the enabling of new activities due to the progress in the vaccination campaign and the lower tension on the hospital system.
• Both the official manufacturing industry and construction activity data for May 2021 showed monthly declines (s.a.), in line with what was suggested by our real-time consumption indicators.

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