He level of economic activity fell 1.3% in July, in relation to the same month last year. In this way, he recorded his fourth consecutive fall. This decrease was mainly due to the drop in performance of the Agriculture, livestock, hunting and forestry sectoraffected by the drought. The data emerged from the report presented this Tuesday by the National Institute of Statistics and Censuses (Indec).
The Monthly Estimator of Economic Activity (EMAE) registered a positive variation of 2.4% compared to June in the seasonally adjusted measurement.
“In year-on-year terms, the EMAE is 1.3% below its value in July 2022, which represents a much smaller contraction than the 4.7% recorded in June, a figure that was revised downward from the -4.4% originally reported. In the cumulative figure for 2023, the EMAE accumulates a fall of 1.8%, somewhat less than the 1.9% accumulated during the first half of the year,” Balanz explained.
What were the sectors that fell and advanced the most in July?
In relation to the same month but in 2022, eleven sectors of activity that make up the EMAE registered increases in July, among which stand out Fishing (+20.5% yoy) and Mining and quarrying (+7.1% yoy).
The sector Exploitation of mines and quarries (+7.1% yoy) was, in turn, the one with the greatest positive impact on the interannual variation of the EMAE, followed by Fishing (+20.5% yoy) and Real estate, business and rental activities (+1.0% yoy).
For their part, four sectors of activity recorded falls in the year-on-year comparison, among which stand out Agriculture, livestock, hunting and forestry (-14.0% yoy) and Manufacturing industry (-3.7% yoy). The first is, furthermore, the one with the greatest negative impact; Between them, they contributed 1.5 percentage points to the year-on-year drop in the EMAE.
“Agriculture stood out among the sectors with the greatest contraction, although markedly lower than the -39.4% reported in June, followed by the manufacturing industry. These sectors were also the ones that had the greatest negative contribution with a contribution of -0.83pp and -0.63pp, respectively,” Balanz explained.