Monday , October 25 2021

the economy fell 5.8% in & # 39; September



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INDECS Report

B & # 39; this way, economic activity in the country accumulating a decrease of & # 39; 1.5 per cent in the first nine & # 39; month & # 39; this year

TheThe indicators & # 39; INDECS each month continue to set the tone for a declining economy with & # 39; fast way, What complicates the expectations & # 39; Government seeks to end the year "at peace" and, moreover, will soon have to face the burden & # 39; new campaign.

Economic activity decreased by & # 39; 5.8% in & # 39; in September compared with & # 39; the same month last year, due to the reduction in industry, construction and trade, Reported Friday the National Institute of Statistics and the Census.

Thus, at the end of the third quarter of the year, the cumulative decline of economy & # 39; 1.5%, the agency added.

The INDECS also indicated that the EMAE index (Assessment & # 39; Monthly & # 39; Economic Activity) decreased by & # 39; 1.9% compared with & # 39; August.

Economic activity was negative for six consecutive quarters and two consecutive months with & # 39; back, So technically & # 39; deemed to have come into recessive process. Moreover, according to private projections, the trend will be extended.

Data published on Friday was worse than expected by analysts, since it was estimated reduction & # 39; 4.2 per cent per annum economic activity ninth & # 39; month of the year.

The reduction in & # 39; September was marked by the reduction of & # 39; 10.8% in industrial activity, 12.8% in Wholesale Consumer and Retail, 2.9% in Construction, which led to a reduction & # 39; 4.6% in the transport sector.

On the other hand, financial intermediation and the agricultural, livestock, hunting and forestry increased.

If the reduction was greater, was due to an increase & # 39; 2.2% in the agricultural sector since the beginning of the harvest work in, which, in the case of wheat, is expected to reach harvest & # 39; 19.7 million. tons, one of the largest in history.

The Ministry of Finance estimated that this year the Gross Domestic Product (GDP) will decrease 2.4% due to the financial turmoil from abroad, which reduced funding from the country, the devaluation of currency and severe drought affecting agriculture during the first four & # 39; months of the year.

This entrance & # 39; is the second recession during the presidency & # 39; Mauricio Macrì, after that occurred shortly after assuming its term, which lasted nine & # 39; months between March and November 2016.

For next year GDP will decline 0.5%, but estimates that there will be a recovery of economic activity in the second half.

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