Spain | DANA: Real-time monitoring of the economic impact

Summary

Spending in the province of Valencia rebounded during the week of November 19 to 25. The growth differential with the rest of Spain became positive in most indicators, although the most affected municipalities still show significant falls.

Key points

• Key points:
• In-person spending in the province of Valencia was reactivated three weeks after DANA. It increased 3.1% year-on-year, above what was observed in the previous week (0.3%). The difference in variation with the rest of Spain was positive for the first time since the flood (1.6 pp).
• Strong dynamism was observed especially in purchases with Spanish cards, which grew by 3.8% year-on-year in the week ending November 25. Timid signs of improvement are also beginning to be observed in spending with foreign cards, whose negative gap with respect to the rest of the country narrowed to -17 pp.
• The improvement in spending was widespread by sector. Almost all of them closed the growth differential with respect to the rest of Spain. The rebound was particularly intense in some activities related to tourism (travel, accommodation, transportation and leisure), as well as automotive, books and press and fashion.
• The recovery intensifies and begins to be more evident, especially in the weekly variation. Among the most affected municipalities, the pace of recovery is beginning to accelerate in some of them, while the most affected continue to stagnate.

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