Argentina: Economic activity moderates in September
November 19, 2010
In September, the monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Economica) rose 7.8% over the same month the previous year. The figure was down from the 8.5% increase recorded in August, and came in below market expectations, which had economy activity expanding 8.6% year-on-year. A month-on-month comparison corroborates the moderation in growth suggested by the annual data, as the economy expanded 0.17% over the previous month in seasonally adjusted terms, exactly half the 0.34% increase recorded in August. Based on monthly figures, economic activity expanded 8.1% year-on-year in the third quarter, which came in below the 11.8% annual increase recorded in the second quarter. However, in addition to widespread accusations of the underreporting of inflation by the national statistical office (INDEC), official data for economic activity has also become the subject of controversy, with some private analysts estimating economic growth to be far below official figures. The Central Bank sees the economy growing 9.0% this year.
Author: Armando Ciccarelli, Head of Data Solutions