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PERU: BBVA Notes Slowdown In Private Consumption In February

PERU
BulletPeruEM BulletEmerging Market News
  • BBVA’s big data private consumption index recorded growth of 5.2% y/y in in February, decelerating from 9.6% in January. They attribute part of this moderation to an unfavourable base effect, as February had one fewer day this year compared to the same month in 2024.
  • As a result, their private consumption indicator rose by 7.4% in the first two months of the year, below the levels observed in the previous two quarters.
  • They note that household spending increased in a context where labour market performance remains positive, driven by higher formal private job creation, a decline in underemployment, and wage improvements in Lima.
  • A slowdown in annual spending growth was seen in the food, education and health sectors, while spending on tourism and entertainment accelerated.
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  • BBVA’s big data private consumption index recorded growth of 5.2% y/y in in February, decelerating from 9.6% in January. They attribute part of this moderation to an unfavourable base effect, as February had one fewer day this year compared to the same month in 2024.
  • As a result, their private consumption indicator rose by 7.4% in the first two months of the year, below the levels observed in the previous two quarters.
  • They note that household spending increased in a context where labour market performance remains positive, driven by higher formal private job creation, a decline in underemployment, and wage improvements in Lima.
  • A slowdown in annual spending growth was seen in the food, education and health sectors, while spending on tourism and entertainment accelerated.