Argentina: Contraction in economic activity sharpens in November
The monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Económica) fell 1.9% year-on-year in November, after logging a 0.7% contraction in October.
In terms of productive sectors, November’s sharper contraction was largely driven by more pronounced falls in the manufacturing and internal trade sectors, as well as by weaker growth in the mining and agricultural sectors. On the flipside, the construction and fishing sectors shrank at a softer pace than in October.
A month-on-month comparison showed that economic activity shrank 1.7% in seasonally-adjusted terms in November, contrasting October’s 2.0% increase. Meanwhile, the average annual variation in economic activity improved from a 3.1% contraction in October to a 2.7% fall in November.