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Argentina Economic Activity February 2020

Argentina: Contraction in economic activity sharpens in February

The monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Económica) fell 2.2% year-on-year in February, after logging a 1.8% drop in January.

In terms of productive sectors, February’s more pronounced fall was largely driven by a sharper contraction in the construction sector and downturns in the internal trade and real estate sectors. On the other hand, both fishing and agricultural production swung from notable contractions to timid expansions.

A month-on-month comparison showed that economic activity fell 1.1% in seasonally-adjusted terms in February, contrasting January’s 0.2% uptick. Meanwhile, the average annual variation in economic activity deteriorated from a 1.8% contraction in January to a 2.2% fall in the second month of this year.

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