The level of economic activity registered an increase of 4.5% in October compared to the same month of 2021, driven by wholesale and retail trade, the manufacturing industry, the hotel and restaurant sector and the exploration of mines and quarries, reported this Wednesday the National Institute of Statistics and Censuses (Indec).
The data, which correspond to the Monthly Estimator of Economic Activity (EMAE), revealed that October marked a drop of 0.3% compared to September. For its part, the accumulated figure for the first nine months of the year reflects an increase of 6.1% compared to the same period of 2021.
The EMAE, which brings together several of the components that make up the Gross Domestic Product (GDP), registered increases in twelve of the fifteen that make it up in October, among which Hotels and restaurants stood out, which had an increase of 27.2 % and a contribution of 0.35 percentage points of improvement to the indicator; and that of Mining and quarrying, which grew 12.5% and added 0.42 percentage points of boost to economic activity.
In detail
While, the sector Wholesale, retail and repairs (+5.3%) was the one with the greatest incidence in the interannual variation of the EMAE, since it contributed 0.73 percentage points to the advance of the estimator, followed by Manufacturing industry (+3.8% and 0.68 pp) and Transport and communications (+6.1% and 0.46 pp).
For his part, The Fishing sector was the one that registered the greatest fall in the year-on-year comparison (-29.6%), which subtracted 0.06 pp from economic performance as a whole, followed by Financial intermediation (-1.8% and -0.07 pp) and Agriculture, livestock, hunting and forestry (-0.3% and -0.01 pp)
On the side of increases, the following sectors registered: Real estate, business and rental activities (+3.9% and 0.45 pp); Other community, social and personal service activities (+8.7% and 0.18 pp); Education (+2.8% and 0.12 pp); Electricity, gas and water (+6.6% and 0.11 pp); Construction (+3.6 and 0.11 pp); Public administration and defense, mandatory enrollment social security plans (+1.4% and 0.07 pp); and Social and health services (+1.2% and 0.04 pp).
The EMAE reflects the monthly evolution of the economic activity of all the productive sectors at the national level
This indicator makes it possible to anticipate quarterly gross domestic product (GDP) variation rates. The publication includes the original series (index number and percentage change with respect to the same month of the previous year), the seasonally adjusted series and the trend-cycle (index number and change with respect to the previous month).
Last September, economic activity grew 4.6% in relation to the same month last yearwhile compared to August it marked an improvement of 0.3%.
During the ninth month of this year, the sector with the best performance was the Manufacturing industry, with an 8.3% rise in the level of activity, followed by Wholesale, retail and repair trade, with 9%.
The best record of economic activity so far this year occurred last February, when it marked an improvement of 9.1% year-on-year
Meanwhile, throughout 2021 the monthly estimator of economic activity reflected an increase of 9.8% compared to 2020, the year in which it registered a 2.2% drop, mainly affected by the isolation measures imposed to moderate the advance of the first wave of coronavirus in the country.
A few days ago, the Minister of Economy, Sergio Massa, assured that “this year we are going to have a growth greater than 5 points of the GDP.”
“We have to continue growing to build three consecutive years of growthwhich has not happened to us in Argentina for a long time”, said Massa when presenting at the 21st Propymes seminar organized by the Techint Group.
