The level of economic activity grew 5.6% in July in relation to the same month of 2021 and showed no changes in comparison with last June, the National Institute of Statistics and Censuses (Indec) reported on Monday.
Thus, in the first seven months of the year, the Monthly Estimator of Economic Activity (EMAE) accumulated a rise of 6.4%.
During July, and in relation to the same month last year, 12 of the sectors that make up the EMAE registered increases, among which hotels and restaurants stood out, with an increase of 45.7%, and exploitation of mines and quarries, with 13.6% .
The activity of the manufacturing industry increased 5.6% and it was the one with the highest incidence in the interannual variation of the EMAE, followed by wholesale trade, retail trade and repairs, with 5.7%; and transportation and communications, with an increase of 8.8%.
These three sectors explained 2.4 percentage points of the year-on-year increase registered by the total index, highlighted the Indec.
On the other hand, of the three sectors that registered falls in July in the year-on-year comparison, the agriculture and livestock sector was the one with the highest incidence since it contracted 2.7%.
The other two items that fell were fishing, with a fall of 4.1%, and distribution of electricity and water, with a decrease of 2.1%.
The draft Budget Law 2023, submitted to Congress by the Executive Power on Thursday, September 15, estimated GDP growth of 4% for the current year, and 2% for the next.
The initiative will be formally presented on Wednesday by the Minister of Economy, Sergio Massa, in the framework of a plenary session of commissions of the Lower House.
The ruling party intends to sanction the project before the end of October.
Last week, the Secretary of Industry and Productive Development, José Ignacio de Mendiguren, highlighted the Government’s work to sustain and increase activity and employment levels, and highlighted that in the July-September quarter only 51 files were opened for work suspensions .
After participating in a lunch with the leadership of the Argentine Industrial Union (UIA), together with Minister Massa, De Mendiguren said that “the priority is to continue growing while the macroeconomic variables are put in order.”
“We are avoiding a difficult situation due to the shortage of dollars, but production is responding and there are almost no suspensions,” said De Mendiguren, revealing that “the data shows that in the July-September quarter of this year, only 51 files were opened. for labor suspensions and almost none in industry but in commerce and services”. According to the latest report from the Center for Production Studies (CEPXXI), in August industrial activity grew by almost 5% year-on-year, with higher consumption of electricity in plants of the most relevant industries. “We have 612,000 formal jobs, with productive sectors growing very strongly, such as the knowledge-based services industry, which has been on the rise for 25 uninterrupted months and is around 300,000 formal jobs for the first time in history,” the secretary said.
