Argentina: Economic activity rebounds on a low base effect in March
On an annual basis, economic activity jumped 11.4% in March (February: -2.1% yoy), thanks to a low base effect as March 2020 was the first month of the Covid-19 pandemic. A massive turnaround in the fishing sector as well as much faster expansions in the manufacturing, construction and trade sectors led the rebound.
On a monthly basis, economic activity dipped 0.2% in March, following February’s sharper 0.9% contraction. Meanwhile, the trend improved, with the annual average variation of economic activity coming in at minus 7.7% from February’s minus 9.6%.