Argentina Economic Activity December 2019


Argentina: Contraction in economic activity softens at year end

February 21, 2020

The monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Económica) dipped 0.3% year-on-year in December, after logging a 2.0% contraction in November.

In terms of productive sectors, December’s softer contraction was largely driven by rebounds in the fishing, manufacturing and internal trade sectors, only partly offset by a downturn in the agricultural sector and by somewhat sharper contractions in the construction and financial sectors.

A month-on-month comparison showed that economic activity ticked up 0.2% in seasonally-adjusted terms in December, contrasting November’s 1.6% drop. Meanwhile, the average annual variation in economic activity improved from a 2.7% contraction in November to a 2.1% fall in December.

LatinFocus Consensus sees the economy contracting 1.5% in 2020, which is up 0.3 percentage points from last month’s estimate, before rebounding 1.7% in 2021.

Author: Massimo Bassetti, Economist

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Argentina Economic Activity Chart

Argentina Economic Activity December 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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