Argentina: Contraction in economic activity softens in October
The monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Económica) contracted 4.0% in annual terms in October, a softer drop than the revised 6.1% fall recorded in September (previously reported: -5.8% year-on-year). The reading marked the seventh consecutive month of decline in year-on-year terms.
October’s contraction again came mainly on the back of significant falls in the manufacturing; wholesale and retail sale; transport; and communication sectors. However, the performances of the aforementioned sectors were less negative than seen in the previous month. Moreover, growth in the agricultural sector accelerated somewhat, while the pace of expansion in the fishing sector surged compared to September.
A month-on-month comparison showed that economic activity rebounded 0.9% in seasonally-adjusted terms in October, from September’s revised 2.1% drop (previously reported: -1.9% month-on-month). Finally, the annual average variation in economic activity was equal to a 0.7% contraction in October, contrasting a 0.1% increase in September.