Argentina’s EMAE Contracts for Second Straight Month

Argentina’s economic activity fell 1.7% year-on-year in August 2026, following a 1.4% decline in July and missing forecasts for a 0.3% increase. Ten of the 15 sectors surveyed contracted, with fishing posting the steepest decline, at 15.7%. Manufacturing fell 3.2%, while wholesale and retail trade and repairs declined 3.5%. Financial intermediation dropped 3.8%, transport and communications fell 2.9%, and taxes declined 4.2%. In contrast, five sectors recorded annual growth, led by mining and quarrying, which rose 11.1%, followed by electricity, gas and water, up 4.3%, and hotels and restaurants, which increased 3.1%. On a monthly basis, the EMAE rose 0.1% in seasonally adjusted terms, following a 2.9% decline in July.

Argentina’s economic activity fell 1.4% year-over-year in July 2026, following an upwardly revised 3.1% increase in June and marking the first annual contraction since February. The decline was led by wholesale and retail trade and repairs, which fell 5.1%, while manufacturing dropped 4.6%, together subtracting 1.3 percentage points from overall activity. Construction declined 3.3%, while administration and defense and transport and communications both fell 1.5%. In contrast, seven of the 15 sectors surveyed recorded growth, led by fishing, which surged 424.5%, followed by mining and quarrying at 8.4%. Hotels and restaurants rose 2.5%, electricity, gas and water increased 1.9%, while agriculture, livestock, hunting and forestry gained 0.7%. On a monthly basis, the EMAE dropped 2.9% in seasonally adjusted terms, although the trend-cycle component increased 0.2%.

Argentina’s economic activity rose 2.7% year-over-year in June 2026, following an upwardly revised 0.4% increase in May. Twelve of the 15 sectors surveyed recorded annual growth, led by fishing (247.6%) and mining and quarrying (15.6%). Agriculture, livestock, hunting and forestry also increased 4.6%. In contrast, administration and defense and compulsory social security plans declined 1.5%, while utilities fell 0.4% and education decreased 0.1%. On a monthly basis, the Monthly Economic Activity Estimate rose 0.8%.