Economic activity in Argentina, September 2022

The Monthly Economic Activity Indicator (EMAE) rose 4.8% year-on-year in September, following a 6.6% gain in August. The September value was the worst since March. Looking at the output details, the agricultural sector grew at a faster pace in September, while the manufacturing sector grew at a softer pace. Finally, activity in the hotel and restaurant sector decreased, and the production of transport and communications slowed down.

On a monthly basis, economic activity fell 0.3% in September (August: +0.7% m/m), the worst result since March. Meanwhile, the trend was downward: the average annual growth of economic activity in September was 6.9% compared to 7.5% in August.

Analysts at FocusEconomics predict the economy will grow by 2.2% in 2023, which is unchanged from the previous month’s forecast. In 2024, analysts predict GDP growth of 2.2%.