Argentina's economic activity contracts 1.4% in July, below expectations
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Argentina's national statistics agency INDEC reported on Thursday, September 24, that the country's economic activity in July fell 1.4% compared with the same period a year earlier, below analysts' expectations of 1.8% growth and a reversal from June's 2.7% expansion. The monthly economic activity estimator index, known as EMAE, which covers 15 sectors of the economy, showed that 8 sectors posted lower growth compared with the same period a year earlier, led by wholesale trade, retail trade and repair services, which fell 5.1%, and manufacturing, which fell 4.6%. The remaining 7 sectors expanded in July, led by fishing, which rose 425.5% compared with the same period a year earlier, and mining and quarrying, which rose 8.4%. The government of President Javier Milei, with the presidential election scheduled for 2027, has sharply cut public spending to bring inflation under control while taking steps to restore growth in industry, consumption and construction.