Colombia | Weekly update BBVA Tracker: Consumption. 4 September, 2020.

Summary

In the last week, consumption, especially of services, had an additional impulse by a opening of sectors in some cities. At the regional level, Bogotá and Medellín have shown a good performance since the beginning of the opening plans, but cities with more tourism, such as Cartagena, continue to be the most affected.

Key points

• Key points:
• Consumption of basic goods, such as food and personal care and health, grew by more than 20% per year in August.
• The announcement of the reactivation of domestic flights and tourism from September slightly boosts spending in these sectors.
• In August, Pereira had the best performance in consumption with a drop of 6.7% y/y while Cartagena was the city that lagged behind with a drop of 31% y/y.
• The beginning of the "New Reality" plan in Bogotá boosted consumption by about 10pp. Benefiting mainly the fuel and clothing sectors.
• In Medellin, during the last week, consumption grew above what was observed in previous days in which the strategy of closing down on weekends was maintained.

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