Argentina: Economic activity stagnates in June
The monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Económica) recorded flat growth year-on-year in June, after logging a 2.4% increase in May, which had marked the best result in over a year and exceeded market expectations.
June’s marked slowdown was largely driven by sharper contractions in the rental, real estate and business activities sector, as well as in the electricity, gas and water, and construction sectors compared to May.
A month-on-month comparison showed that economic activity declined 0.4% in seasonally-adjusted terms in June, following May’s 0.1% dip. Meanwhile, the annual average variation in economic activity improved from a 4.3% contraction in May to a 3.8% fall in June.