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ECONOMY | 24-11-2022 01:45

Economic activity fell in September, ending five-month run of growth

INDEC national statistics bureau reports activity fell 0.3% in September from the previous month, ending a streak of five consecutive months of growth. Annually, the economy expanded 4.8% in the same month of the previous year .

Economic activity in Argentina fell in September, contracting 0.3 percent from August and ending a streak of five consecutive months of growth.

The data, taken from the INDEC national statistics bureau’s Monthly Estimator of Economic Activity (EMAE), does however show an increase of 4.8 percent in the year-on-year comparison.

Argentina’s economy grew 6.2 percent in the first nine months of this year compared to the same period in 2021, according to EMAE figures.

The hotels and restaurants sector recorded the highest year-on-year increase for September 2022, rising 30.3 percent, according to the estimate, which anticipates data that tracks the evolution of the Gross Domestic Product (GDP). Mining and quarrying increased 14.2 percent annually, with wholesale, retail trade and repairs up seven percent year-on-year. Construction grew 7.2 percent, with real-estate activities up 5.1 percent.

At the other end of the scale, the electricity, gas and water sector fell the largest amount, down 3.5 percent year-on-year, followed by financial services, which fell 2.3 percent.

Argentina will grow by four percent  this year, according to the latest estimate of the International Monetary Fund (IMF). In 2021, GDP rose 10.3 percent.

 

– TIMES/AFP/NA

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