Argentina Economic Activity June 2017

Argentina

Argentina: Economic activity gains steam in June

August 24, 2017

In June, the monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Económica) rose 4.0% year-on-year, the fastest rate in nearly two years and above May’s already-impressive 3.4% expansion. June’s reading was the fourth consecutive month of year-on-year gains in the index, offering a boost to President Mauricio Macri’s market-friendly government ahead of October’s mid-term legislative elections.

The construction and manufacturing sectors both notably contributed to June’s rise. In contrast, the increase was otherwise undermined by the mining and quarrying sector, which has consistently underperformed relative to most other sectors in the Argentine economy since 2016.

A seasonally-adjusted month-on-month comparison showed that economic activity expanded 0.3% in June, following May’s 0.7% increase. On average, economic activity decreased 0.7% in the 12 months up to June, which is an improvement from the 1.4% drop in the 12 months up to May.

Our analysts project the economy to rebound and expand 2.7% this year, which is down 0.1 percentage points from last month’s forecast. For 2018, panelists expect the economy to expand 2.9%.


Author:, Economist

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Argentina Economic Activity June 2017 0

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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