Argentina: Economic activity remains robust in June
August 19, 2011
In June, the monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Economica) added 8.2% over the same month the previous year. The figure was virtually unchanged from the 8.1% increase recorded in May and above market analysts' expectations of a 7.6% rise. A month-on-month comparison points to a less dynamic development than seen in the annual figures. In June, the economy expanded 0.41% over the previous month in seasonally-adjusted terms, which was below the 1.36% increase recorded in May. Moreover, the trend deteriorated, with annual average growth in economic activity dropping from 9.1% in May to 8.8% in June. Based on monthly figures, the economy expanded 7.8% in the second quarter of 2011, which is down from the 9.9% expansion recorded in the first quarter. If confirmed by GDP figures released on 16 September, the reading would mark the slowest quarterly growth since the first quarter of 2010.
Author: Armando Ciccarelli, Head of Data Solutions