2026/02/05 | Julia Passabom, Mariana Ramirez & Ignacio Martínez
Gross Fixed Investment (GFI) fell by 6.4% YoY in October, a greater contraction than Bloomberg’s median (-5.9%). On a seasonally adjusted basis, investment rose by 0.4% MoM, building on the 0.4% rise in October, but below the market consensus (+0.5%). Separately, private consumption increased by 1.4% YoY, also underwhelming expectations (+2.2%). Sequentially, private consumption fell 0.5% MoM SA, breaking a string of five consecutive months of growth.
Our take: November’s data continues to suggest that investment remains subdued. However, consumption will remain a key factor in assessing how the recovery unfolds. While consumption is trending upward, the significant increase in the consumption of imported goods will be an important element to monitor going forward.
