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LatinNews Daily - 30 June 2021

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In brief: Second month of positive economic activity in Argentina

* Argentina’s national statistics institute (Indec) has released the latest figures for its monthly index of economic activity (Emae), which serves as a proxy for GDP, and which registered a 28.3% positive variation in April 2021 compared with the previous year. This is the second consecutive year-on-year increase registered in the Emae after 19 months of falling economic activity. However, Argentina’s economy remains stagnant as, in seasonally-adjusted terms, the April Emae contracted 1.2% compared with March. The year-on-year increase in economic activity was driven by a strong performance in construction (up 221.5%), and the hotel and restaurant sector (207.7%), whereas agriculture and livestock suffered a 1.9% contraction alongside a 0.5% contraction in fishing. The Emae’s overall year-on-year performance is largely due to the low basis of comparison, with the introduction of severe sanitary restrictions at the end of March 2020 designed to contain the spread of coronavirus (Covid-19) producing a sharp economic downturn in April 2020.