Argentina: Contraction in economic activity softens in October
The monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Económica) fell 0.9% year-on-year in October, after logging a 2.1% contraction in September.
In terms of productive sectors, October’s softer contraction was largely driven by milder falls in the manufacturing, fishing and internal trade sectors, as well as by stronger growth in the mining sector. On the flipside, the construction sector shrank at a sharper pace than in September and the transport sector swung from a timid expansion to a slight contraction.
A month-on-month comparison showed that economic activity rebounded 1.9% in seasonally-adjusted terms in October, contrasting September’s 2.0% fall. Meanwhile, the average annual variation in economic activity improved from a 3.4% contraction in September to a 3.1% fall in October.