Argentina Economic Activity April 2020

Argentina

Argentina: Economic activity contracts at sharpest pace on record in April

June 29, 2020

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.

FocusEconomics analysts see the economy in recession this year, contracting 6.9%, down 1.4 percentage points from the previous month’s forecast. In 2021, analysts see GDP finally rebounding, with growth coming in at 3.5%.


Author: Massimo Bassetti, Senior Economist

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Argentina Economic Activity April 20 20

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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