Argentina Economic Activity July 2020

Argentina

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.

FocusEconomics analysts see the economy in recession this year, contracting 11.3%, down 0.3 percentage points from the previous month’s forecast. In 2021, analysts see GDP finally rebounding, with growth coming in at 5.2%.


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Argentina Economic Activity July 20 20

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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