Argentina: Economic activity moderates in July
September 23, 2011
In July, the monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Economica) added 7.7% over the same month the previous year. The figure was down from the 9.3% increase recorded in June, but broadly in line with market analysts' expectations of a 7.6% rise. A month-on-month comparison, however, paints a more subdued picture than the annual figures, as the economy contracted 1.22% over the previous month in seasonally adjusted terms, in contrast to the 0.41% increase recorded in June. Moreover, the trend deteriorated, with annual average growth in economic activity inching down from 9.2% in June to 9.1% in July.
Author: Armando Ciccarelli, Head of Data Solutions