Argentina: Economic activity moderates in September
November 18, 2011
In September, 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 8.6% increase recorded in August but beat market analysts' expectations of a 7.5% rise. A month-on-month comparison corroborates the moderation seen in the annual figures, as the economy expanded 0.31% over the previous month in seasonally adjusted terms, which was down from the 0.62% expansion recorded in August. As a result of the September reading, annual average growth in economic activity inched down from August's 9.1% to 9.0%. Based on the monthly figures, the economy expanded 8.0% in the third quarter of 2011, which is down from the 9.1% expansion recorded in the second quarter. If confirmed by GDP figures released on 16 December, the reading would mark the slowest quarterly growth since the first quarter of 2010.
Author: Armando Ciccarelli, Head of Data Solutions