Argentina Economic Activity March 2018

Argentina

Argentina: Economic activity falters in March

May 22, 2018

The monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Económica) slowed notably in March, registering a 1.4% expansion in annual terms, a sizeable moderation from February’s revised 5.0% increase (previously reported: +5.1% year-on-year). This was the slowest pace of growth since April 2017; it nonetheless marked the thirteenth consecutive month of economic expansion in Argentina.

The slowdown was driven by contractions or weaker growth in most of the components of the index. Notably, economic activity in agriculture, livestock, hunting and forestry contracted 5.5% year-on-year in March (February: +3.3% yoy). Meanwhile, growth in the manufacturing industry eased to 0.8% (February: +5.9% yoy). Construction activity also slowed, expanding 5.9% in March (February: +12.7% yoy), and financial intermediation growth moderated to +3.3% (February: +7.6% yoy).

A seasonally-adjusted month-on-month comparison showed that economic activity contracted for the second consecutive month, falling 0.1% in March, following a 0.2% contraction in February.

Lastly, average economic activity in March remained unchanged at February’s two-year high of 3.6%.

Argentina GDP Forecast


FocusEconomics Consensus Forecast panelists expect economic growth of 2.3% in 2018, which is down 0.3 percentage points from last month’s forecast. For 2019, panelists see the economy expanding 3.0%.


Author:, Economist

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Argentina Economic Activity Chart


Argentina Economic Activity March 2018

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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