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LatinNews Daily - 25 November 2020

In brief: Argentina’s economic activity exceeds expectations in September

* Argentina’s national statistics institute (Indec) has released the figures for its monthly indicators of economic activity (EMAE) for the month of September, which show economic activity in the country was up 1.9% in September compared with August. This indicates that the economy is on a trajectory of recovery from the impact of the coronavirus (Covid-19) pandemic, which compounded a pre-existing economic recession. In year-on-year terms, economic activity in September contracted 6.9%, a better-than-expected result, with analysts surveyed by Reuters having predicted an average 8.6% contraction in economic activity for September. Of the 15 sectors measured by the EMAE, six displayed year-on-year growth, among them the manufacturing industry (2.2%) and trade (5.8%). The sectors that experienced the greatest contraction in activity were hotels & restaurants (-59.5%), ‘other community, social, and personal services’ (-50%), and construction (-28.1%). Altogether, the period from January to September 2020 showed a cumulative contraction in economic activity of 11.9%, compared with the same period in 2019.

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