Argentina: Contraction in economic activity moderates in September
November 24, 2014
Economic activity dropped 0.2% in September compared to the same month last year. September’s result was up from August’s 1.0% decline (previously reported: -1.2% year-on-year). The reading is based on a new calculation methodology—adopted by the national statistical institute in March in response to a request from the International Monetary Fund (IMF)—that shifts the base year of calculation from 1993 to 2004. Economic activity expanded 0.2% over the previous month in seasonally-adjusted terms, which contrasted the 0.8% contraction tallied in August.
The new figures bring the official estimates closer to the independent estimates that local private analysts produce, which have traditionally pointed to lower growth compared to official sources. However, there is still a notable discrepancy between official and non-official figures.