Argentina | Real-time consumption monitoring (Oct 2, 2020)

Summary

September ended with falls in card spending despite the increase the previous week. Based on the correlation with activity rates, our fuel consumption indicator would indicate that the economy is not yet fully awake.

Key points

• Key points:
• In comparison with other countries in the BBVA Group, Argentina shows a weak dynamic in both the consumption of goods and services.
• The relaxation of the lockdown in the City of Buenos Aires and in the main urban centers of the country (except Great Buenos Aires) led to an increase in the consumption of bars and restaurants and in expenses related to sports activities.
• The observed activity data confirm the stagnation that our fuel consumption indicator had captured during July and August. The trend in September would indicate that the economy is not fully awake, keeping year-on-year variations in negative field.
• The analysis of ATM withdrawals with BBVA cards suggests that people are withdrawing less cash per transaction in real terms compared to the pre-pandemic situation.

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