Argentina: Economic activity picks up in August
October 22, 2010
In August, the monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Economica) added 8.5% over the same month the previous year. The figure came in slightly above the 8.1% increase recorded in July and was in line with market expectations. A month-on-month comparison corroborates the improvement suggested by the annual data, as the economy expanded 0.34% over the previous month in seasonally adjusted terms, contrasting the 0.21% drop recorded in July and marking the first positive result after two months of contracting economic activity. However, in addition to widespread accusations of the underreporting of inflation by the national statistical office (INDEC), official data for economic activity have also become the subject of controversy, with some private analysts estimating economic growth to be far below official figures.
Author: Armando Ciccarelli, Head of Data Solutions