Argentina Economic Activity February 2019

Argentina

Argentina: Contraction in economic activity eases further in February

May 2, 2019

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.

LatinFocus Consensus Forecast analysts see the economy contracting 1.1% in 2019, unchanged from last month’s estimate, before rebounding to 2.4% growth in 2020.


Author: Massimo Bassetti, Economist

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Argentina Economic Activity February 2019

Note: Year-on-year changes and annual average growth rate of monthly economic activity in %.
Source: Argentina National Statistical Institute (INDEC) and FocusEconomics calculations.


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