Over the past year, there has been no growth at all in consumption per person, which is an unusual outcome at a time when employment is growing strongly (Graph 9). An important part of the explanation here is that household disposable income has been increasing only slowly for an extended period, reflecting both subdued wage increases and strong growth in taxes paid.
The number of unbanked municipalities has also dropped, mainly due to a rise in alternative channels that target low-income clients. We have seen a rise in the use of electronic money; an increase in the number and reach of automated teller machines; as well as the expansion of the microfinance portfolio of the banking industry.