Argentina: Economic activity contracts at sharpest pace on record in April
Economic activity decreased 26.4% year-on-year in April (March: -11.5% yoy). April’s reading marked the worst reading on record.
In terms of specific sector, the contraction in activity was broad-based. That said, activity collapsed by over 80% in the construction and hotels and restaurants sectors and plummeted in the manufacturing sector.
On a monthly basis, economic activity fell at a sharper pace of 17.5% in April (March: -10.3% mom), also the worst result on record. Moreover, the trend pointed down, with the annual average variation of economic activity coming in at minus 4.1% in April, down from March’s minus 2.0% reading.