Economy

Argentina's economic activity declined by 7.4% year-over-year in October

Experts estimated an average drop of 8% in the year-over-year comparison for the month of October, according to a Reuters survey

Employees at a pizzeria while television announces the number of confirmed cases of Covid-19 in Buenos Aires, Argentina
Photo: Reuters/Agustin Marcarian
  • The 7.4% drop in October was a slightly better reading than expected by analysts;
  • Experts estimated an average drop of 8% in the year-over-year comparison for the month of October, according to a Reuters survey.

A monthly index of economic activity in Argentina fell 7.4% in October compared to a year earlier, the National Institute of Statistics and Census (INDEC) said on Wednesday, a slightly better reading than expected by analysts.

The EMAE index rose 1.9% compared to September, on a seasonally adjusted basis, the statistics agency said.

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Official statistics show a slow recovery in various sectors of an economy hit by a prolonged recession and the coronavirus pandemic.

Experts estimated an average drop of 8% in the year-over-year comparison for the month of October, according to a Reuters survey.

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In the first ten months of 2020, the economic activity indicator accumulated a fall of 11.3% in relation to the same period of 2019.

Translated by LABS