Industrial activity grew 1.1% in September after two months of decline

Economic activity grew 1.2% in September of this 2021 compared to August and 11.6% year-on-year, accumulating the fourth consecutive rise, according to the Monthly Economic Activity Estimator (EMAE) prepared by INDEC. Economic activity exceeded for the third consecutive month the pre-covid level of Feb-20 (+ 3.4%).

The trend-cycle series also registered a monthly increase of 0.6% and accumulates 13 months on the rise. Compared to September 2019, the EMAE increased 4.7%.

The EMAE closed the third quarter of 2021 with a growth of 4.2% without seasonality and 12% year-on-year, accumulating in the first nine months of the year a growth of 10.9% year-on-year.

The Argentine economy prepares a new year-end.

In this regard, the Minister of Economy, Martín Guzmán, expressed: “The economic activity data for September shows what strong and solid economic recovery is resulting. With this evolution of the activity consistent with the economic policy for the recovery that we are carrying out, we project a GDP growth for 2021 of almost 10%. “

Growing activities

By activity sector, in September 13 of the 15 sectors grew year-on-year that make up the indicator, with increases of two digits in 7 of them.

The largest increases were observed in Other service activities (+ 66.9% year-on-year; contribution 0.9 percentage point -pp-), Hotels and restaurants (+ 59.1% year-on-year; contribution 0.4 pp) and Construction (+ 27.1% year-on-year; contribution 0.8 pp).

The greatest contributions to the growth of the EMAE were registered in the Industry (+ 10.8% yoy contribution 1.9 pp) and Commerce (+ 10.1% year-on-year; contribution 1.4 pp), sectors that accumulated eleven consecutive months on the rise.

In addition, the contributions to the growth of Real estate, business and rental activities (+ 8.2% year-on-year, contribution 1.0 pp) and Transport and communications (+ 10.7% year-on-year, contribution 0.8 pp). The only sectors in decline were Fishing (-9.6% year-on-year) and Agriculture (-1.7% year-on-year)

Compared to September 2019, 10 out of 15 sectors grew. The biggest increases were in Fishing (+ 29.3%), Commerce (+ 15.6%) and Industry (+ 13.8%). While they continue with lower levels of activity Hotels and restaurants, Other service activities, Transport and communications and Public Administration.


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