Argentina: Decline in economic activity sharpens in July
September 29, 2020
On an annual basis, economic activity fell at a steeper pace of 13.2% in July (June: -11.7% yoy). The contraction was broad-based, with the hotels and restaurants, fishing, transport and communication and construction subsectors being the hardest hit in July.
On a monthly basis, economic activity grew a meagre 1.1% in July, a more moderate increase from June’s 7.5% rise. Meanwhile, the trend deteriorated further, with the annual average variation of economic activity coming in at minus 7.9%, down from June’s minus 6.8% reading.