Argentina: Drop in economic activity softens in November
January 26, 2017
In November, the monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Económica) dropped 1.4% year-on-year, which was an improvement compared to October’s 4.4% decline. The print was above the 2.2% drop that markets had expected and represented the smallest decline since March 2016.
Sequential data corroborate the improvement. A month-on-month comparison showed that economic activity rose 1.4% in seasonally-adjusted terms in November (October: +0.5% month-on-month), which marked the strongest result since February 2015.
On average, in the 12 months up to November, economic activity decreased 2.0%, which was below October’s 1.6% decline and marked the worst result since March 2015.