Argentina: Economic activity flat in June
August 17, 2012
In June, the monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Economica) was flat over the same month last year, which represented a small improvement over the 0.5% contraction recorded in May. On a seasonally adjusted basis, the economy expanded 1.07% over the previous month, which was above the 0.20% increase seen in May. The reading marked a second consecutive pick-up and represented, in fact, the strongest monthly rise since April last year. Based on monthly figures, economic activity recorded zero growth in the second quarter, which, if confirmed by detailed GDP figures, would mark a sharp moderation compared to the 5.2% increase recorded in Q1 and the worst result since the third quarter of 2009.
Author: Armando Ciccarelli, Head of Data Solutions