LatinNews Daily - 23 July 2020

* Argentina’s national statistics institute (Indec) has released the latest figures for the monthly indicator of economic activity (Emae), used as a preview of GDP growth, according to which economic activity contracted by 20.6% year-on-year in May. This is less than the 26.3% year-on-year contraction registered in April, although the same figures show that accumulated growth for the first five months of 2020 was -13.2% compared with the same period in 2019, down from the -11.0% registered in April. In seasonally-adjusted terms, monthly growth for May was 10%, which Indec noted “partially recuperated” the significant contraction registered over March and April as a result of the coronavirus (Covid-19) pandemic. According to Indec, the rally “fundamentally” reflects the easing of circulation restriction measures implemented to mitigate the effects of the virus, especially in the provinces with lower contagion rates. The latest (15 July) forecast from the United Nations Economic Commission for Latin America and the Caribbean (Eclac) expects Argentina’s economy to contract by 10.5% in 2020.

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