He general level of activity registered a drop of 5.6% year-on-year in August of this year and accumulates a contraction of 5% in the first eight months. For its part, the seasonally adjusted measurement registered a decrease of 0.6% compared to the previous month.
This is reflected in the report of the General Activity Index (IGA) of the consulting firm Orlando J. Ferreres y Asociados (OJF). He points out that, after marking a 1% monthly advance in July, Economic activity fell again in August and registered a contraction of 0.6% compared to the seventh month in the seasonally adjusted measurement. In the annual comparison, the general index was negative at 5.6%, with only two sectors registering the worst rates:
- construction (-15.7%), which continues to be the hardest hit sector,
- trade (-9.1%), affected by a more persistent drop in consumption than anticipated.
For the next few months, We hope that activity will slowly recover, even with possible downward oscillations like the current one. A firmer path of expansion will be achieved when income recovers, in a more orderly macroeconomic context that generates confidence, which we hope will happen next year.+
Agriculture and mining rebounded
The agriculture and livestock sector recorded a growth of 4.4% in August in the annual comparisonalready well below the figures for the second quarter, and accumulates an expansion of 44.8% for the months that have passed. “The improvement continues to be explained by the agricultural sector, which in the eighth month increased 29.7%, while livestock farming contracted 4.2%, always on an annual basis,” they indicate.
Meanwhile, “July’s momentum was not sustained in August in the manufacturing industry and observes for the eighth month a drop of 3.7% in the annual comparison and a drop of 1.3% monthly in the seasonally adjusted measurement.”
As for the mines and quarries, “this sector is establishing itself as the most dynamic in the economyrecording an expansion of 11.4% for August compared to the same month last year, and accumulated an improvement of 6.7% for the months under analysis.” In detail, crude oil production increased 13.8% in August. , while natural gas production rose 6.0%.
The sectors hardest hit in August
The sectors that could not generate positive traction in August were Machinery and equipmentbase metals and non-metallic minerals, all sectors with worse records than those of July. On the other hand, we highlight the good results we observed in refineries and in the oilseed complex. As a whole, the industry accumulated a contraction of 7.9%.
Regarding the electricity, gas and waterFor August, Cammesa reported a net generation 5% lower than that of the same month last year. Thus, total demand, which increased 3.5% annually driven by residential consumption, had to be partially covered with electricity imports, mainly from Brazil.
“In any case, the sector as a whole managed to mark an advance of 2.1% annuallyalthough showing a slowdown in relation to July. The cumulative figure for the first eight months marks an increase of 1.2%,” says the IGA-OJF.
Source: Ambito
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