1. We forecast real household spending in Argentina to begin to recover over 2021, growing by a projected 10.2% y-o-y. We donote that the economic impact of the Covid-19 pandemic did create a significantly low base from which to grow from. Weestimate that household spending contracted by -13.7% over 2020.2. Argentina had some of the most stringent restrictions in Latin America throughout 2020. This has continued into 2021, with3. We note that the vaccination programme has also been gradually gaining momentum since the start of the year with Argentinareceiving a number of vaccines doses which will help support our consumer recovery outlook.
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