Economic activity recorded a year-on-year decline of 3.8% in August, although it showed an increase of 0.2% compared to July of this year in seasonally adjusted measurement, according to data revealed by Indec on Wednesday. The trend-cycle indicator of the Monthly Economic Activity Estimator (EMAE) also experienced a decrease of 0.2% compared to the previous month.
Compared to August 2023, five sectors that make up the EMAE showed increases in their activity during August. Notable among them are Fishing (+17.1% year-on-year) and Mining and Quarrying (+6.0% year-on-year). The activity of Mining and Quarrying had the largest positive impact on the year-on-year variation of the EMAE, followed by Agriculture, Livestock, Hunting, and Forestry (+4.5% year-on-year).
On the other hand, ten sectors of activity presented decreases in the year-on-year comparison, with the most notable being Construction (-18.0% year-on-year) and Wholesale, Retail, and Repairs (-7.9% year-on-year). These sectors, along with Manufacturing Industry (-6.7% year-on-year), subtracted 2.9 percentage points from the year-on-year variation of the EMAE.
In summary, economic activity in Argentina showed mixed signs in August, with some sectors growing and others declining year-on-year, reflecting the complex current situation.
