The level of economic activity registered an increase of 5.4% in January in relation to the same month last year, while it fell 0.5% compared to December, reported the National Institute of Statistics and Censuses (Indec).
These figures were recorded after The Monthly Estimator of Economic Activity (EMAE) will register a growth of 10.3% throughout 2021, which left behind the 9.9% drop of 2020when restrictions were applied to combat Covid-19 in the framework of the first wave of the pandemic.
The growth of 5.4% verified in January constitutes the eleventh consecutive year-on-year rise of the indicator.
When buying with January 2020, the EMAE for the first month of 2022 marks an increase of 3.2%, while the rise was 1.5% compared to January 2019.
By activity, in January 13 of the 15 sectors that make up the indicator grew year-on-year.
The growth of 5.4% verified in January constitutes the eleventh consecutive year-on-year rise of the indicator.
Growth was once again led by the Hotels and restaurants sector, which increased by 51.5% year-on-year and contributed 0.6 percentage points (pp) to the growth of the EMAE in the first month of the year.
Mines and quarries also grew at double-digit rates, with 14% year-on-year and a contribution of 0.4 pp; Agriculture, 10.6% and 0.5 pp; Public administration, 10% year-on-year and 0.5 pp; and Transport and communications, 10.1%, and 0.8 pp
There were also increases in Real estate, business and rental activities, with 4.3% year-on-year and a contribution of 0.5 pp; Commerce, 4% and 0.5 pp; and Construction. with a rise of 0.5% and a contribution of 0.02 percentage points in the result of the estimator.
Added to this was the Tax item, with an increase of 5.9% year-on-year and a contribution of 1.1 points in the final percentage of the month.
Conversely, Two sectors registered declines: Fishing, which fell 15.3% year-on-year, and industrial activity, which practically remained stable compared to the same month of the previous year, registering a decrease of 0.1% year-on-year.
#DatoINDEC
Economic activity grew 5.4% year-on-year in January 2022 and fell 0.5% compared to December https://t.co/7x3G3KkOEf pic.twitter.com/nF4E6b6Vbd— INDEC Argentina (@INDECArgentina) March 29, 2022
In the case of Industry, this slight drop was the first after fourteen consecutive months on the rise and was explained by scheduled technical stoppages and lower activity in the factories in the context of the summer vacations and by the difficulties in completing staffing due to the outbreak of Covid-19.
In addition, the energy supply problems registered in the first part of the month, due to the heat wave, were added.
This Monday, the Ministers of Economy, Martín Guzmán, of Productive Development, Matías Kulfas, and of Labour, Employment and Social Security, Claudio Moroni, reviewed the indicators of the economic recovery that Argentina is experiencing.
At the meeting, held at the Palacio de Hacienda, it was highlighted that in 2021 economic activity had the highest growth in the last 15 yearswith an improvement of 10.3%, a maximum since the beginning of the series registered by INDEC in 2004.
Likewise, it was observed that the sectors that contributed the most to GDP growth were Industry (which rose 15.8%) and Commerce (which had an increase of 13.2%), and the increase in investments in 32.9% annual average.
During the meeting, Guzmán, Kulfas and Moroni also evaluated the pace of trade, which closed in 2021 with export growth of 9%, a dynamic that continues to rise.
