Buenos AiresArgentina’s economic activity fell 3.9 percent year-on-year in June, the National Institute of Statistics and Census (INDEC) said on Wednesday, a figure much worse than expected by analysts.
A recent survey conducted by Reuters estimated a 1.9 percent year-on-year contraction for the Monthly Estimator of Economic Activity (EMAE) for the sixth month of the year, affected mainly by a decline in consumption, construction and industry.
In a report, Indec stated that compared to June 2023, nine sectors that make up the EMAE registered declines, among which Construction (23.6 percent) and Manufacturing Industry (20.4 percent) stand out.
“Together with wholesale, retail and repair trade (with a fall of 18.6 percent) they subtract 6.8 percentage points from the year-on-year variation of the EMAE,” details Indec.
Meanwhile, six EMAE sectors recorded increases in June compared to the previous year.
These include Agriculture, livestock, hunting and forestry (82.4 percent) and Mining and quarrying (4.6 percent), which in turn had the greatest positive impact on the year-on-year variation.
June is the fifth negative figure for the EMAE so far in 2024.
The monthly estimate of activity fell 0.3 percent in the seasonally adjusted measurement compared to last May, the statistics agency added.
The EMAE benchmark is considered an important indicator as it predicts the trajectory of the gross domestic product (GDP).
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– 2024-08-28 21:00:41
