Argentina Economic Activity June 2020

Argentina

Argentina: Decline in economic activity softens in June

August 20, 2020

On an annual basis, economic activity fell at a slower pace of 12.3% in June (May: -20.5% yoy). The contraction was broad-based, with the hotels and restaurants, and community, social and personal services subsectors being the hardest hit in June.

On a monthly basis, economic activity grew 7.4% in June, a more moderate increase from May’s 9.7% rise. Meanwhile, the trend deteriorated further, with the annual average variation of economic activity coming in at minus 6.9%, down from May’s minus 5.9% 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%.


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Argentina Economic Activity June 20 20 4

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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