Economy of Argentina recovered in June, growing by 2.5% on monthly basis

RIO DE JANEIRO, BRAZIL – After four consecutive declines, economic activity recovered in June, recording a monthly growth of 2.5% (seasonally adjusted), only 2.2% below the pre-pandemic level (February 2020), according to the National Institute of Statistics and Censuses (INDEC) on Thursday.

The monthly estimate of economic activity (EMAE) also showed a 10.8% year-on-year improvement, the state agency said. The EMAE accumulated in the first half of the year a year-on-year growth of 9.7%.

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After four consecutive declines, economic activity rebounded in June due to traffic restrictions resulting from the second Covid wave. In the first half of the year, the EMAE posted year-over-year growth of 9.7%.

Thirteen of the 15 sectors surveyed grew year-on-year, seven with double-digit increases and fisheries with triple-digit increases (108.7%).

The largest contributors to growth were again industry (16.8% year-on-year) and trade (13.2%), both of which grew eight times in a row.

They were followed by real estate, renting, and business activities (12.3%), other service activities (79.4%), construction (32.3%), and transport and communications (9.3%).

The only sectors to register a declines were agriculture (-4.5%) and financial intermediation (-0.9%).

Compared to June 2019, 6 out of 15 sectors grew: electricity, gas and water supply (14.8%), industry (11.4%), trade (7.6%), real estate, renting and business activities (2.3%), financial intermediation (1.9%) and fishing (0.8%).

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