Argentina: Economic activity growth hits all-time high in April on low base effect
The monthly indicator for economic activity (EMAE) expanded 28.3% year-on-year in April (March: +11.9% yoy). April’s reading was flattered by a low base effect. Surging production in the manufacturing, construction and trade sectors was mainly behind April’s reading.
On a monthly basis, economic activity dropped 1.2% in April, which was below March’s 0.3% fall and marking the worst result since April 2020. Meanwhile, the trend improved, with the annual average variation of economic activity coming in at an over one-year high of minus 3.2%, up from March’s minus 7.7% reading.