Economic activity registered a lukewarm monthly increase of 0.1% in November in the seasonally adjusted measurement and managed to exceed the level at the end of 2023, a report from the Orlando Ferreres consulting firm indicated this Monday.
According to the IGA-OJF, the general level, however, registered a drop of 1.1% year-on-year, accumulating a contraction of 4.4% for the eleven months of 2024.
With the slight improvement of 0.1% monthly in November, The IGA-OJF recorded three consecutive months of positive results for economic activity in the series without seasonality.
The most dynamic sectors of the economy “they continue to be agriculture and mines and quarries, and in recent months the greatest positive impact of financial intermediation is beginning to be seen”said the report.
In contrast, the construction shows very low levels of activity, And although it has passed the bottom of its fall, the rebound continues to have difficulty taking hold, he added.
Economy in 2024: sector by sector
Agriculture and livestock
For November, this primary sector registered a growth of 5.5% in the interannual comparison, accumulating an expansion of 36.3% for the eleven months under analysis. In detail, agriculture “continues to be one of the most dynamic sectors, recording an advance of 18.5% annually, with good provisional data for the wheat harvest and with good prospects for corn and soybeans, thanks to a water scenario positive,” the report said.
Manufacturing Industry
Industrial activity recorded a decrease of 0.3% compared to the same month last year, while the series without seasonality reflected an advance of 0.9% monthly, after the decrease in October, according to Ferreres.
Within the manufacturing sectors, it is worth mentioning that “We are observing an exacerbation of heterogeneity in the industry, where food production (particularly the oil complex) and to a lesser extent refineries balance the falls in the rest of the sectors, where the worst evolution is presented by the production of non-metallic minerals , sector linked to construction activity”they indicated. In the accumulated of the year, the industry reflects a contraction of 6.8%.
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Electricity, gas and water
During the eleventh month, this sector registered a contraction of 0.8% in the annual measurement, accumulating for months of 2024 an expansion of 1.1%. In the electrical detail reported by Cammesa, generation was 2.7% lower than a year ago, although demand showed an increase in the margin, which was compensated with electrical imports, the survey said.
Mines and Quarries
The Mines and Quarries sector recorded a growth of 4.1% annually, driven by the extraction of crude oil (+11.7%), while natural gas showed an improvement of 0.7%. In the cumulative measurement of the first eleven months the expansion of the sector reaches 6.7%, Ferreres said.
Economy in 2025
However, the activity “arrives with positive prospects for the close of a difficult year, which saw a sharp fall and a rapid rebound, although uneven at the sectoral level”, Ferreres stated.
In that sense, in 2025, they hope that “the most lethargic sectors improve, and return to economic growth, with a more uniform progress of activity.”
Source: Ambito
