SURVEY – Argentina’s economic activity would have increased by 5.0% yoy in July

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By Hernan Nessi

BUENOS AIRES, Sept 23 (Reuters) – The Monthly Estimator of Economic Activity (EMAE) for Argentina would have improved by 5.0% year on year in the seventh month of the year, helped by growth in the construction sector, according to the median of a Reuters -Opinion poll.

The analysts consulted agreed that the records achieved in recent months show signs of stagnation in the country’s economic activity.

Estimates by 11 local and overseas analysts also reflect an average 4.8% rise for the EMAE in July.

“Economic activity has stopped growing in recent months and is showing clear signs of stagnation,” said consultancy Orlando Ferreres & Asociados.

“Among the few sectors driving growth, construction stands out with an expansion of 10.6% in July and extractive industries with a 10.2% increase,” he added.

The forecasts of the analysts surveyed ranged from a minimum to a maximum of 2.2% and 6.9% respectively for economic activity in July.

“For the remainder of the year, although risks of further macroeconomic slowdown remain high, volatility has eased. In any case, no improvement in the indicators is to be expected and the same adjustment process will limit the development of the activity, ”estimates Ferreres.

The National Institute for Statistics and Censuses (INDEC) will release official EMAE data for July according to its release schedule on Monday afternoon. (Reporting by Hernán Nessi; Editing by Walter Bianchi)

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