Argentina Economic Activity March 2017


Argentina: Economic activity returns to expansion in March

May 23, 2017

In the third month of the year, the monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Económica) rose 0.8% year-on-year, contrasting February’s 2.1% drop (previously reported: -2.2% yoy), which had marked the lowest reading in four months. The sectors which recorded the strongest annual improvements were the construction, financial and agricultural sectors. On the downside, the worst performing sectors were the fishing and mining and quarrying sectors.

Sequential data was also upbeat. A month-on-month comparison showed that economic activity expanded 1.9% in seasonally adjusted terms in March, the best result in over four years and contrasting February’s revised 2.6% decrease (previously reported: -1.9% seasonally adjusted month-on-month).

On average, economic activity decreased 2.3% in the 12 months up to March, which is slightly up from the 2.4% drop in the 12 months up to February.

Our analysts project the economy to rebound and expand 2.9% this year, which is down 0.1 percentage points from last month’s forecast. For 2018, panelists expect the economy to expand 3.1%.

Author: Massimo Bassetti, Senior Economist

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Argentina Economic Activity Chart

Argentina Economic Activity March 2017

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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