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Argentina Economic Activity September 2019

Argentina: Economic activity contracts again in September

The monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Económica) fell 2.1% year-on-year in September, after logging a revised 3.6% contraction in August (previously reported: -3.8% year-on-year), which was prompted by the financial turbulence and peso selloff which followed the unexpectedly large victory of Alberto Fernández at August’s primary elections.

In terms of productive sectors, September’s softer contraction was largely driven by stronger growth in agricultural production, as well as by milder falls in the manufacturing and internal trade sectors. Moreover, the transport industry and the real estate business sector swung from contraction to a slight increase. On the flip side, fishing production nosedived and the hotel and restaurants and construction sectors shrank at a sharper pace than in August.

A month-on-month comparison showed that economic activity dropped 1.6% in seasonally-adjusted terms in September, following August’s 0.8% fall. Meanwhile, the annual average variation in economic activity improved from a 3.6% contraction in August to a 3.3% fall in September.

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