Argentina: Economic activity picks up steam in February
The monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Económica) picked up in February, with economic activity jumping from a 4.2% year-on-year expansion in January to 5.1%. This marked the twelfth consecutive month of economic expansion in Argentina and the fastest growth since June 2015.
February’s print was driven by robust growth in almost all components of the index. Notably, year-on-year growth in financial intermediation quickened from 5.2% in January to 7.4% in February. The manufacturing industry expanded 5.8% in February (January: +3.0% year-on-year) and construction 12.7% (January: +14.3% yoy).
A seasonally-adjusted month-on-month comparison showed that economic activity swung from a revised 0.7% increase (previously reported: +0.6% month-on-month) to a 0.2% contraction in February. Lastly, average economic activity jumped from 3.0% in January to a two-year high of 3.6% in February.