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Argentina Economic Activity April 2024

Argentina: Decline in economic activity softens in April

The monthly indicator for economic activity (EMAE) decreased 1.7% year on year in April (March: -8.3% yoy), beating market expectations. However, it was still the sixth straight month of decline. The softer drop largely reflected less pronounced—but still double-digit—falls in the manufacturing and construction sectors. In addition, agricultural growth accelerated sharply to over 70%, reflecting the normalization of output after last year’s severe drought.

On a monthly basis, economic activity fell at a more moderate rate of 0.1% in April (March: -1.0% mom). Meanwhile, the trend improved modestly, with the annual average variation of economic activity coming in at minus 2.8%, up from March’s minus 3.0%.

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