“This recovery occurs on a scenario of falling per capita income during the last decade and, particularly, during the 2018-2020 period (where the bulk of the fall was concentrated). That is why, although the improvement against the recent years is clear, per capita income is still 9% below the peak of September 2011,” said the entity led by Daniel Schteingart.
In that framework, industrial activity between January and February grew almost 4% compared to the first two months of 2021, while the CEP’s advanced index indicated that the sector’s production grew 3.6% compared to the same month in 2021 and 15.4% compared to the same period of 2019.
According to the work, the rebound of the industry compared to 2019 was the second highest among the world’s main economies, behind the case of China. In this framework, the sector has already created more than 67,000 formal jobs compared to December 2019.
From the point of view of the productive sectors, the report highlighted that Two groups of activities have been driving activity: “those that reactivated early and continued to improve (such as construction, industry and commerce) and those that were badly hit by the pandemic but that in recent months have shown a clear recovery (such as tourism, oil and mining)”.
The CEP also highlighted that investment was the GDP component with the greatest dynamism since mid-2020, and that exports reached a historical record in the first quarter.
Regarding employment, the study center showed an improvement between 2021 and 2020, but a contraction of 0.7% compared to 2019 (-139,000 jobs, according to the INDEC Income Generation Account).
The fact that employment has not evolved along with economic activity was due to the fact that the most dynamic sectors in this period were those with the highest relative productivity, which have a greater impact on GDP than on job creation.
Among the branches with the greatest dynamism in terms of employment, electricity, gas and water (+15.2%), financial intermediation (+7.1%) and oil and mining (+4.6%) stood out. Conversely, those most affected by the pandemic (domestic service and hotels and restaurants) are among those with the lowest relative productivity.
Source: Ambito
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