Argentina: Economic activity grows at fastest pace since October 2011
July 17, 2013
In May, the monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Economica) increased 7.8% over the same month last year, which represents the fastest growth observed since October 2011. The reading came in above the 7.0% growth seen in April and overshot market expectations of a 6.1% expansion.
On a month-on-month basis, economic activity rose 0.6% in seasonally adjusted terms, which represents a deceleration over the 0.8% rise recorded in April. Owing to the stronger annual reading, annual average growth in economic activity rose from 1.9% in April to 2.7% in May.
LatinFocus Consensus Forecast panellists expect GDP to rise 3.4% this year, which is unchanged from last month's forecast. For 2014, participants expect GDP growth to slow to 2.6%.
Author: Armando Ciccarelli, Head of Data Solutions