Martín Guzmán (Photo: Alejandro Santa Cruz).

The level of economic activity grew during September 11.6% compared to the same month last year, the National Institute of Statistics and Censuses reported on Tuesday (Indec). In this regard, the Minister of Economy, Martin Guzman, stressed that the improvement of 11.6% “shows how strong and solid what is resulting the Economic recovery“and added that” with this evolution of the activity consistent with the economic policy for the recovery that we are carrying out, we project GDP growth for 2021 of almost 10%“.

The Indec also announced that the Monthly Estimator of Economic Activity (EMAE) registered in September an advance of the 1.2% compared to August and accumulated a rise of 10.9% in the first ten months of the year.

After knowing the data, the president Alberto Fernandez highlighted the “11.6% year-on-year growth in economic activity” and assured that “we will not stop until it reaches each Argentine family“.

In a publication on his personal account of the social network Twitter, the head of state highlighted that “#ArgentinaAvanza with 11.6% year-on-year growth in economic activity. #SeguimosCrezando. The numbers say it, it feels across the country and we will not stop until it reaches each Argentine family. “

Along the same lines, the Minister of Productive Development, Matias Kulfas, I affirm that economic activity has already recovered “everything lost by the pandemic“and begins to recover the retraction registered during the government of Cambiemos, noting that September reached” the highest level in more than three years. “

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“The increase in circulation is directly impacting the activities most affected by the pandemic, such as gastronomy, tourism, recreational and cultural services, passenger transport and certain segments of the retail trade, particularly that of clothing and footwear, ”said Kulfas in his account on the social network Twitter.

To which he added that, “according to advanced data for October, based on the energy consumption of the industry, in that month production grew 2.4% compared to October 2019, with 9 out of 14 industrial sectors in expansion compared to 2019 ”.

Based on the Indec report, the EMAE for September accumulated the fourth consecutive rise in the month-on-month comparison, with an increase of 1.2 compared to August.

Thus, economic activity exceeds the prepandemic level for the third consecutive month February 2020, with an improvement of 3.4%.

Compared to the same month of 2019, the Monthly Estimator of Economic Activity for September 2021 marked a growth of 4.7%.

By activity sector, in September 13 of the 15 sectors that make up the indicator grew year-on-year, with double-digit increases in 7 of them.

The greatest increases were observed in Other service activities (+ 66.9% year-on-year), Hotels and restaurants (+ 59.1% year-on-year) and Construction (+ 27.1% year-on-year).

Telam SE

Meanwhile, the greatest contributions to the growth of the EMAE were recorded in Industry (+ 10.8% year-on-year, with a contribution of 1.9 percentage points) and Commerce (+ 10.1% year-on-year; with a contribution of 1.4 points percentage), sectors that accumulate eleven consecutive months on the rise.

Also noteworthy were the contributions to growth in Real estate, business and rental activities (+ 8.2% year-on-year, contribution 1.0 pp) and Transport and communications (+ 10.7% year-on-year, contribution 0.8 pp).

In September, the only sectors that registered drops were Fishing (-9.6% year-on-year) and Agriculture (-1.7% year-on-year).

As of September 2019, 10 out of 15 sectors grew. The biggest increases were in Fishing (+ 29.3%), Commerce (+ 15.6%) and Industry (+ 13.8%). While the lower levels of activity were Hotels and restaurants, Other service activities, Transportation and communications, and Public Administration.

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