The Monthly Estimator of Economic Activity (EMAE) grew back 0.9% monthly without seasonality in December and registered a year-on-year growth of 9.8%, while the annual average of economic activity in 2021 was 10.3%, the maximum increase since the beginning of the series in 2004 and surpassing the previous maximum of 10.1% in 2010.
In this sense, the monthly increase in activity in December was the second consecutive (compared to 1.3% in November) and exceeded for the sixth consecutive month the pre-covid level of February 2020 (4.9%)while the increase in year-on-year activity was the tenth consecutive rise, according to the EMAE report published by Indec.
With these data, the fourth quarter of 2021 closed with increases of 1.7% quarterly without seasonality and 8.7% year-on-year, completing 2021 with an annual average growth of 10.3%, the highest increase since the beginning of the series in 2004 and surpassing the previous maximum of 10.1% in 2010.
#DatoINDEC
Economic activity grew 9.8% year-on-year in December 2021 and 0.9% compared to November https://t.co/WQR7vD2iWI pic.twitter.com/4KbioXFEng— INDEC Argentina (@INDECArgentina) February 23, 2022
“In December, in relation to the same month of 2020, 13 of the 15 sectors that make up the EMAE registered increases, highlighting the increase in Hotels and restaurants (+43.5% yoy) and Transport and comunication (+16.9% yoy),” the report said.
Alone financial intermediation remained virtually unchanged from December 2020, while Fishing registered a contraction of 4.7%, which subtracted 0.01 percentage points from the interannual variation of the indicator.
The Transport and communications sector was, according to the Indec, one of the sectors with the greatest incidence in growth last year, together with the Manufacturing industry, since between the two they contributed 2.9 percentage points to the increase in the total index of the EMAE.
Promptly, Industry grew +9.9% year-on-year and contributed 1.7 pp, to which was added Agro (+9.9% year-on-year; contribution 0.6 pp), Transportation and Telecommunications (+ 16.9% year-on-year; contribution 1.17 pp), the Trade (+5.6% year-on-year; contribution 0.7 pp) and the Building (+4.4% year-on-year; contribution 0.1 pp).
added to the growth mines and quarries (+16.8% year-on-year; contribution 0.5 pp), Public administration (+11.8% year-on-year; contribution 0.6 pp) and Other service activities (+10.9% year-on-year; contribution 0.2 pp)
Compared against December 2019, grow 11 of 15 sectors.
The largest increases were in Construction (+17.3%), Industry (+15.3%) and Commerce (+13.8%), with falls in Fishing, Hotels and restaurants, Transport and communications and Other service activities . Compared to December 2018, 11 sectors also grew, with higher increases in the same sectors (Industry +16.5%, Commerce +14.0%, Construction +13.1%).
