Argentina: Contraction in economic activity eases further in February
The monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Económica) contracted 4.8% in annual terms in February, a softer drop than the revised 5.8% plunge recorded in January (previously reported: -5.7% year-on-year). The reading marked the tenth consecutive month of decline in year-on-year terms.
February’s relative improvement came mainly on the back of softer contractions in the industrial, construction, and transport sectors. On the other hand, the fishing sector swung from a strong expansion to a sizable contraction in February, while the agricultural sector lost some traction.
A month-on-month comparison showed that economic activity increased 0.2% in seasonally-adjusted terms in February, following January’s 0.6% expansion. Meanwhile, the annual average variation in economic activity worsened from a 3.2% contraction in January to a 4.1% fall in February.