Economic activity grew 6.4% during August in relation to the same month last year, reported the National Institute of Statistics and Censuses (Indec). In addition, the Monthly Estimator of Economic Activity (EMAE) was placed in August 0.4% above that of July, and accumulated growth of 6.4% so far this year, reported the agency.
The Manufacturing industry sector, with a rise of 8.3%, was the item with the highest incidence in the interannual variation of the EMAE, followed by Wholesale, retail and repair trade, with 9%. Between the two sectors they contributed 2.7 percentage points to the year-on-year increase in the total index.
Economic activity grew 6.4% year-on-year in August 2022 and 0.4% compared to July https://t.co/2JkfAbySSv pic.twitter.com/jouoWTJCpG
— INDEC Argentina (@INDECArgentina) October 20, 2022
For its part, the distribution of Electricity, gas and water was the one that registered the greatest drop in the year-on-year comparison, with a decrease of 4.6% yoy and subtracted 0.1 percentage points from the year-on-year variation of the EMAE, which brings together several of the indicators that make up the Gross Domestic Product (GDP).
The Agriculture and Livestock sector registered an increase of 1.4% year-on-year; freckle 6.3%; the exploitation of mines and quarries, 14%; and Construction 7.9%, among other increases.
To these were added Wholesale and Retail Trade with an increase of 9%; Restaurants and Hotels 33.7%; Transport and Communications 6.9%; real estate activities 6.6%; public administration 7.2%; Teaching, 4.2%, among others.
For its part, the item Financial intermediation fell 0.3% in the interannual comparison. The Ministry of Economy estimated that this year the GDP will grow 4%, and next year another 2%.