Argentina Economic Activity May 2021


Argentina: Economic activity growth moderates in May

July 22, 2021

The monthly indicator for economic activity (EMAE) expanded 13.6% year-on-year in May (April: +29.4% yoy). May's reading was again flattered by a low base effect. Softer growth rates in the manufacturing, construction and trade sectors was mainly behind May’s reading.

On a monthly basis, economic activity dropped 2.0% in May, which was below April’s 0.3% fall and marked the worst result since April 2020. Meanwhile, the trend improved, with the annual average variation of economic activity coming in at minus 0.3%, up from April's minus 3.1% reading.

FocusEconomics analysts see the economy growing 4.5% in 2021, unchanged from the previous month’s forecast. In 2022, analysts see GDP expanding 2.6%.

Author: Massimo Bassetti, Senior Economist

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Argentina Economic Activity Chart

Argentina Economic Activity May 2021

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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