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Argentina Economic Activity July 2023

Argentina: Decline in economic activity softens in July

The monthly indicator for economic activity (EMAE) dropped 1.3% year on year in July (June: -4.7% yoy). The softer contraction was primarily due to more moderate contractions in the agriculture and manufacturing sectors. Lastly, activity in the hotels and restaurants sector lost steam, while transport and communications production fell at a softer pace than in the previous month.

On a monthly basis, economic activity rose 2.4% in July (June: -0.1% mom), the best result since December 2021. Meanwhile, annual average economic activity growth fell to 0.3% in July (June: +1.0%), which marked an over two-year low.

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