Argentina: Economic activity drops at sharpest pace since November 2020 in April
The monthly indicator for economic activity (EMAE) decreased 2.9% year on year in April (March: +1.3% yoy). The outturn marked the worst reading since November 2020. April’s reading was largely due to a deterioration in the agriculture sector. In addition, the manufacturing sector lost steam. Lastly, activity in the hotels and restaurants sector lost steam, while transport and communications production contracted at a steeper pace than in the previous month.
On a monthly basis, economic activity decreased 1.9% in April, contrasting March’s 0.1% uptick and marking the worst result since April 2020. Meanwhile, annual average economic activity growth fell to 3.3% in April (March: +4.1%), pointing to a worsening trend.