Argentina: Economic activity contracts sharply in September
November 24, 2016
In September, the monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Económica) dropped 3.7% year-on-year, which was a deterioration compared to August’s revised 2.1% decline (previously reported: -2.6% year-on-year). The print was below the 3.5% drop that markets had expected.
Sequential data corroborate the deterioration. A month-on-month comparison showed that economic activity fell 0.8% in seasonally-adjusted terms in September, which contrasted August’s 0.3% increase.
On average, in the 12 months up to September, economic activity decreased 1.1%, which was below August’s 0.6% decline and marked the weakest growth rate since May 2015.
The Statistical Institute relaunched the economic activity indicator series in August following an eight-month hiatus as statistical data had come under heavy criticism under the previous administration.