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Argentina Economic Activity August 2023

Argentina: Economic activity records quickest growth since March in August

The monthly indicator for economic activity (EMAE) increased 0.3% year on year in August (July: -1.4% yoy). August’s figure marked the best reading since March. Looking at the details of the release, August’s rebound was broad-based, with the agriculture, manufacturing and construction sub-sectors all improving. Lastly, activity in the hotels and restaurants sector moderated, while transport and communications output increased.

On a monthly basis, economic activity rose at a softer pace of 1.3% in August (July: +2.5% mom). Meanwhile, the trend pointed down, with the annual average variation of economic activity coming in at an over two-year low of minus 0.2%, down from July’s plus 0.3%.

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