Argentina Economic Activity August 2016

Argentina

Argentina: Drop in economic activity moderates in August

In August, the monthly indicator for Argentina's economic activity (EMAE, Estimador Mensual de Actividad Económica) declined 2.6% year-on-year, which was an improvement compared to the 6.0% fall in July. The print met market expectations.

Sequential data corroborate the slight improvement. A month-on-month comparison showed that economic activity increased 0.2% in seasonally-adjusted terms in August, which contrasted July’s 0.7% decrease.

On average, in the 12 months up to August, economic activity decreased 0.7%, which was below July’s 0.1% decrease and marked the weakest growth rate in over a year.

The Statistical Institute relaunched the economic activity indicator series in August following an eight-month hiatus as statistical data had come under heavy criticism under the previous administration.

FocusEconomics panelists expect the economy to contract 1.6% this year, which is down 0.3 percentage points from last month’s forecast. For 2017, panelists expect the economy to accelerate significantly and expand 3.1%, which is up 0.1 percentage points from last month’s estimate.


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Argentina Economic Activity Chart


Argentina Economic Activity August 2016

Note: Year-on-year changes and annual average growth rate of monthly economic activity in %.
Source: Argentina National Statistical Institute (INDEC) and FocusEconomics calculations.


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