Argentina: Drop in economic activity worsens in June
August 24, 2016
In June, the monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Económica) declined 4.3% year-on-year, which was below the 2.1% fall recorded in May and represented the steepest contraction since August 2014. The print undershot the 1.1% drop that market analysts had expected.
Sequential data corroborate that the economy remains in a serious downturn. A month-on-month comparison showed that economic activity declined 0.3% in seasonally-adjusted terms in June, which followed May’s 0.7% decline.
On average, in the 12 months up to June, economic activity increased 0.8%, which was below May’s 1.6% and marked the weakest growth rate in 10 months.
The statistical bureau relaunched the economic activity indicator series in August following an eight-month hiatus as statistical data came under heavy criticism under the previous administration.