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Argentina Economic Activity March 2023

Argentina: Economic activity growth improves in March

The monthly indicator for economic activity (EMAE) rose 1.3% year on year in March (February: +0.2% yoy). Looking at the details of the release, agriculture sector dived in March, while the manufacturing sector gained steam. Meanwhile, the construction sector also accelerated. Lastly, activity in the hotels and restaurants sector moderated, while transport and communications output dipped at a steeper pace than in February.

On a monthly basis, economic activity rose at a more moderate pace of 0.1% in March (February: +0.5% mom). Meanwhile, annual average economic activity growth fell to 4.1% in March (February: +4.4%), pointing to a worsening trend.

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