Economic activity slowed in March and registered a decline of 0.7% monthly

Economic activity grew 4.8% in March in year-on-year terms, but registered a fall of 0.7% compared to February, according to Indec. In this way, the Monthly Estimator of Monthly Activity (EMAE) registered an annual improvement, although the deceleration trend measured month by month continues. According to the report by Indec, the 4.8% year-on-year increase in economic activity would imply 13 consecutive months of increase measured in this way. According to the Ministry of Economy, despite the fact that in monthly terms there was a fall of 0.7% per month in the series without seasonality, after having grown 1.2% monthly in February, “economic activity exceeds for the ninth consecutive month the pre-covid level of February 2020” with an increase of 5.1% “and is located only 3.3% from the maximum of November 2017”.
Thus, the first quarter of the year closes with a growth in economic activity of 1% quarterly and 6.1% year-on-year. By sector, in March all the items that make up the indicator grew year-on-year except for agricultural activity, which contracted 5.5%. When analyzing the sectors separately, in March growth was again led by hotels and restaurants, with an expansion of 33.1% year-on-year; transport and communications grew by 12.7% year-on-year; mines and quarries increased by 12.1% year-on-year. To a lesser extent but also grew on small scales, trade items expanded by 4.8%; industry 3.6%; construction by 2.3 per cent; and the collection of taxes 6.6% year-on-year.

Original source in Spanish

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