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Argentina Economic Activity March 2024

Argentina: Economic activity falls at sharpest pace since August 2020 in March

The monthly indicator for economic activity (EMAE) plunged 8.4% compared to the same month a year earlier in March, which was a deterioration from February’s 3.0% decrease. The outturn marked the worst reading since August 2020. March’s notable deterioration reflected steeper drops in the manufacturing and construction sectors. However, the agricultural sector rose at a faster pace.

On a monthly basis, economic activity fell 1.4% in March, which was below February’s flat reading. Meanwhile, the trend pointed down, with the annual average variation of economic activity coming in at minus 3.1% in March, down from February’s minus 2.3%.

Commenting on the outlook, Itaú Unibanco’s Andrés Pérez M., Diego Ciongo and Soledad Castagna stated:

“The adjustment in Argentina marches on, with sharper declines in economic activity taking place as nominal variables have also adjusted faster than expected. As a result, our 2024 GDP call for a contraction of 3.0% has downside risks, despite the normalization of the agriculture sector.”

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