Argentina: Economic activity plummets further in June
The monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Económica) contracted 6.7% in annual terms in June, deteriorating from the 5.2% contraction recorded in May (previously reported: -5.8% year-on-year) and marking the worst performance in nine years.
June’s contraction came on the back of significant annual declines in agricultural and industrial output, as well as severely restricted trade activity. Construction activity, meanwhile, appeared to stall in June following a string of upbeat readings.
A month-on-month comparison showed that economic activity contracted a seasonally-adjusted 1.3% in June following May’s 1.2% drop.
Finally, average economic activity decreased to 1.8% in June from 2.8% in May.