Economic Indicator Briefing - Argentina - Economic Activity

In September, the monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Económica) increased 6.8% over the same month last year. The result was well above the 5.7% growth registered in August (previously reported: +6.4% year-on-year), and came in broadly in line with market expectations, which had economic activity expanding 6.9%. A month-on-month comparison however, does not corroborate the acceleration suggested by the annual figures, as the economy contracted 0.17% over the previous month in seasonally adjusted terms, contrasting the 0.45% expansion registered in August. As a result of the monthly reading, annual average growth in economic activity inched down from 7.9% in August to 7.8%.

Based on the monthly data, the economy expanded 6.7% in the third quarter over the same period last year. The figure was down from the 7.5% expansion registered in the second quarter of 2008. More detailed final data for third quarter economic growth will be published on 18 December.

Forecasts: This indicator is covered in the FocusEconomics Consensus Forecast. For 5-year projections, including quarterly forecasts for the next two years, please visit our Online Store.