Argentina: Economic activity deteriorates in May
The monthly indicator for economic activity (EMAE) dropped 5.5% year on year in May (April: -4.4% yoy). The figure marked the worst reading since October 2020. May’s sharper drop was partly driven by a sharper contraction in the agriculture sector. In addition, the manufacturing sector weakened. Lastly, activity in the hotels and restaurants sector lost pace, while transport and communications production fell at a softer pace than in April.
On a monthly basis, economic activity decreased 0.1% in May, a softer contraction than April’s 1.8% fall. Meanwhile, the trend pointed down, with the annual average growth of economic activity coming in at 1.9% in May, down from April’s 3.0%.