This Monday the National Institute of Statistics and Censuses (INDEC) gave hopeful data. The level of economic activity grew 5.6% in July in relation to the same month of 2021 and showed no changes in the comparison with last June.

In this way, in the first seven months of the year, the Monthly Estimator of Economic Activity (EMAE) accumulated a rise of 6.4% and energy production grew 9.2% year-on-year in the 2nd quarter of 2022 and accumulated an increase of 5.3% in the 1st semester.

Analysts agree that the future of the EMAE looks difficult due to the uncertainty about the local economy, with inflation that could exceed 100% in 2022 and with controls on imports to avoid the constant outflow of foreign currency.

In relation to the energy sector, it can be concluded that the internal demand in the oil sector during the third quarter of 2022 will increase as estimated by the different firms. As for the gas sector, 100% of the firms consulted anticipate that internal demand will not change. For its part, in the electricity sector, 66.7% estimate that domestic demand will increase and 33.3% estimate that it will not change.

On the other hand, it is important to highlight that the turnover of the pharmaceutical industry rose 52.3% year-on-year in the 2nd quarter of 2022: that of national production, 46.9%; and the local resale of imported products, 65%. This variation arises from increases of 46.9% in the billing of national production and 65.0% in the local resale of imported products.