The economic activity registered a drop of 6% year-on-year in February and accumulated in the first two months a contraction of the 5.6%according to him General Activity Indicator (IGA) prepared by the consultant Orlando J. Ferreres & Associates (OJF).
In the seasonally adjusted series, The IGA showed a marginal rebound of 0.1% monthly thanks to the impulse of field and the mining. Growth occurs after four consecutive months downregistering contractions of 1.9% and 2.4% in the last two months for December and January, respectively, where the greater impact of the price spike and the devaluation of the official exchange rate.
“Among the sectors, the gap between the advance of the primary sectors and the decline of the rest of the economy. Thus, while the agro aided by the low base of comparison and the mining They have healthy growth rates, sectors such as commerce, industry and construction are going through a strongly contractionary phase“, highlights the report.
One by one, which sector performed best
Agriculture and Livestock: agriculture recorded the best figure for February with a rise in the annual measurement of the 18.4%thanks to the good data provided by the agricultural sector (+31.0%), while the cattle raising shows lower activity levels than a year ago (-2.1%). In the accumulated of the first two months, the sector observes an advance of 18.1%.
Manufacturing industry: the Industrial production recorded a contraction of the 8.1% annual, closing the first two months with a decrease in 7.5%. In this sector, all branches present negative numbers in the interannual measurement, with the exception of food production, which was driven by the milling of oilseeds. Among the casualties, the decline in base metals and non-metallic minerals.
Electricity, gas and water: the segment of public services showed in February an advance of the 3.4%, accumulating for the two months that have elapsed a decrease of 0.1% compared to the same period last year. This increase is explained by the 11.1% annual growth in electricity generation reported by CAMMESA for the second month, due to greater demand, of 7.9%, driven by residential users due to higher temperatures, and due to the extra day that February had this year.
Mines and Quarries: he The extractive sector registered an annual growth of 8.3% in February. and accumulated an advance of 4.1% in the first two months. In sectoral detail, the gas production registered annual growth again after four months in negative territory thanks to the strong expansion shown by oil production.
In that scenario, the Ministry of Energy of Neuquén once again reported a historical production record for the basin Dead cowwith annual growth of 17.6% for oil production and 9.1% for gas.
general activity index.PNG
From the consultancy they projected for the coming months “may the current trend continue” and only towards the middle of the year can some improvement begin to be observed in the most depressed sectors, “if the macroeconomic order that the government is trying to apply is successful and family income and consumption begin to recover.”
Source: Ambito
