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Argentina Economic Activity April 2025

Argentina: Economic activity expands at quickest pace since June 2022 in April

Latest reading: The monthly indicator for economic activity (EMAE) rose 7.7% year on year in April (March: +5.4% yoy). The print marked the best reading since June 2022 and was well above market expectations. Growth was broad-based, with hospitality, finance, retail and wholesale, construction and manufacturing as key drivers. However, public sector activity was muted due to the government’s austerity drive.

On a monthly basis, economic activity rose 1.9% in April (March: -1.9% mom), the best result since July 2024. Meanwhile, the trend improved sizably, with the annual average growth of economic activity coming in at 2.2% in April, up from March’s 1.4% reading.

Panelist insight: On the outlook, Itaú Unibanco analysts said:

“We maintain our 2025 GDP growth forecast at 5.2%, primarily due to a high statistical carryover. In our view, the recent removal of certain capital controls and changes to the exchange rate framework should lead to more investment, while falling inflation contributes to greater private consumption. A positive outcome for the government in the midterm elections (October 26, 2025) would create a more favorable environment for investment.”

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