LatinNews Daily - 03 July 2023

In brief: Argentina’s economic activity slumps

* Argentina’s national statistics institute (Indec) has released the latest figures on its monthly index of economic activity (Emae) which shows that monthly growth in April 2023 was -1.9% while in year-on-year terms, economic activity posted a decline of -4.2%. This follows monthly growth of 0.4% in March when year-on-year growth was 1.4%. The slump in economic activity been attributed to the impact of drought; agriculture, livestock, hunting & forestry posted a decline of 36.8% in April year-on-year, one of six sectors to register declines, which also included fishing (-73.1%). Meanwhile mining & quarrying posted the highest growth (+9.0%) year-on-year, followed by hotels & restaurants (+3.7%). The year-on-year drop exceeded all forecasts of economists surveyed by Bloomberg.

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