Argentina: Economic activity picks up in March
May 17, 2013
In March, the monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Economica) expanded 2.6% over the same month last year. The figure came in above the revised 2.3% year-on-year increase seen in February (previously reported: +2.4% yoy) and beat market expectations of a 2.3% rise.
On a monthly basis, the economy expanded a seasonally adjusted 0.69% over the previous month, which was above the 0.30% increase seen in February. Despite the stronger annual reading, the trend deteriorated further, with the annual average growth in economic activity dropping from 1.5% in February to 1.4% in March.
LatinFocus Consensus Forecast panellists see GDP expanding 3.3% this year, which is down 0.2 percentage points from last month's forecast. For 2014, panellists expect the economy to grow 2.8%.
Author: Armando Ciccarelli, Head of Data Solutions