Argentina: Economic activity contracts at sharpest pace since February 2021 in December
The monthly indicator for economic activity (EMAE) dropped 1.2% year on year in December (November: +2.3% yoy). December’s outturn marked the worst reading since February 2021. The reading reflected a broad-based downturn across the major sectors, with agriculture, manufacturing and construction all contracting in December. Lastly, activity in the hotels and restaurants sector lost pace, while transport and communications production lost traction.
On a monthly basis, economic activity dropped 1.0% in December, which was below November’s 0.7% fall. Meanwhile, the trend pointed down, with the annual average growth of economic activity coming in at an over one-year low of 5.2%, down from November’s 6.2% reading.