For the first time this year, the indicator recorded more sectors on the rise and, according to the consultancy, the current level of the seasonally adjusted series is 2% above the low reached in March.
The economic activity registered a 3% year-on-year drop in July 2024, accumulating a contraction of 4.9% for the first months of the year. For its part, the seasonally adjusted measurement registered a improvement of 0.8% compared to the previous month. This was reflected in the latest IGA-OJF report.
“During July, economic activity registered an increase of 0.8% compared to June, according to the IGA-OJF estimate. Thus, despite a downward correction suffered in the sixth month of the year“The current level of the seasonally adjusted series is 2.0% above the low reached in March,” the document explained.
“It is also worth noting that for the first time this year Our indicator records more sectors on the rise that is downwards in the annual comparison, although the impact of the contracting sectors leads the aggregate to still show negative figures. Going forward, it is expected that maintain the trend of activity to recover some ground, with the speed of recovery depending on the improvement seen in family income and the recovery of consumption,” they added.
Economic activity: how each sector fared
- Agriculture and livestock: Entering the third trimester, theThe figures for agricultural expansion are much more modest. Thus, agricultural production expanded by 29.6% in July, while livestock production fell by 1.6%, leading to an aggregate increase of 6.3%. The cumulative figure, meanwhile, reflects a growth of 50.3%.
- Manufacturing Industry: In July, the industry recorded a growth of 3.5% compared to June in the seasonally adjusted measurement. In turn, The annual measurement went from a red of 12.1% in June to a decrease of only 0.8% in the seventh month. The improvement was driven in part by the good production figure in the oilseed sector (+60.9% y-o-y), but also by the annual improvements recorded in the non-metallic minerals sectors (going from -33.6% in June to -18.7% in July), basic metals (going from -33.2% in June to -10.5% in July), and machinery and equipment (going from -35.0% in June to -16.7% in July). The sector has accumulated a fall of 8.6% in the first seven months of the year.
- Electricity, gas and water: After the June contraction, In July, the services sector again recorded an increase of 3.7% year-on-year, leaving the accumulated growth for the past months at 0.7%. In the detail of electric energy, generation was 3.8% higher than in the same month last year, explained in the monthly report of Cammesa by the 6.0% expansion of demand, driven mainly by the greater residential demand.
- Mines and Quarries: Crude oil production registered an increase of 9.2% in the annual measurement during July, while natural gas production grew by 10.0%, leading the mining and quarrying sector to record an expansion of 9.0%, becoming the most dynamic sector in the seventh month of the year. In the cumulative total, the sector has seen growth of 6.0%.
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Source: Ambito
