The report – which has the latest data available as of October and projections – pointed out that general activity is 2.1% above the level it registered at the time prior to the start of Covid-19.
“In this way, Argentina is heading to close 2021, having recovered practically all the ground lost in terms of activity in the framework of the global health crisis that unleashed during 2020”added.
According to CAME, “the situation is still delicate” because “the average general activity level for the first ten months of this year is still 2.2% below that registered in the same period of 2019”, and because “there are still certain sectoral heterogeneities in the pace and scope of the recovery “.
He observed that “activities related to tourism and gastronomy, which were the most affected by the health crisis, have not yet managed to recover their levels of pre-pandemic activity: in the first ten months of the year, activity in the sector recovered 15.4% compared to 2020, but despite this it still registers a drop of 40.6% compared to January-October 2019 “.
Likewise, although the recovery that is taking place is making it possible to rebuild the dynamics of the labor market, the traction on private employment has still been somewhat slow: as of September of this year, the number of formal salaried workers in the private sector was still 0 , 8% below that registered in February 2020.
Regarding financing to small and medium-sized companies, in the first eleven months of 2021, it accumulated a growth of 4.8% year-on-year, discounting the effect of inflation.
“However, it is still critical that the main and -in a large majority of cases- the only source of financing for SMEs is their own funds. An overwhelming number of companies in this segment expose explicit rejections from banks or decided conditions. unapproachable for the return of the loans as the true causes of this financial distancing “, concluded CAME.
Source From: Ambito
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