Argentina: Economic activity contracts for first time in almost three years
July 20, 2012
In May, the monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Economica) contracted 0.5% over the same month last year. The figure contrasted the 0.6% increase recorded in April and marked, in fact, the first contraction since July 2009. A month-on-month comparison, however, does not corroborate the negative picture suggested by the annual figures, as the economy expanded a seasonally adjusted 0.20% over the previous month, which contrasted the 1.31% drop seen in April. Meanwhile, annual average growth in economic activity dropped from 7.0% in April to 6.1% in May, the lowest reading in almost two years.
Author: Armando Ciccarelli, Head of Data Solutions