Argentina: Contraction in economic activity softens at year end
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.