Argentina Economic Activity May 2020

Argentina

Argentina: Economic activity decreases at softer pace in May

July 22, 2020

Economic activity dropped 20.6% year-on-year in May (April: -26.3% yoy). In terms of specific sector, the contraction in activity was broad-based. That said, activity collapsed in the construction and hotels and restaurants sectors and plummeted in the manufacturing sector

On a monthly basis, economic activity grew 10.0% in May, rebounding from April’s 17.9% fall and marked the best result. Meanwhile, the trend pointed down, with the annual average variation of economic activity coming in at minus 6.0%, down from April's minus 4.1% 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 May 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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