Argentina Economic Activity August 2020

Argentina

Argentina: Decline in economic activity softens in August

October 23, 2020

On an annual basis, economic activity fell at a softer pace of 11.6% in August (July: -13.1% yoy). The contraction was broad-based, with the hotels and restaurants, transport and communication and construction subsectors being the hardest hit in August.

On a monthly basis, economic activity grew 1.9% in August, a stronger increase than July’s 1.2% uptick. Meanwhile, the trend deteriorated further, with the annual average variation of economic activity coming in at minus 8.5%, down from July’s minus 7.9% 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%.


Author: Massimo Bassetti, Senior Economist

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Argentina Economic Activity August 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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