Economic activity grew by 4.8% in March and in the first quarter it accumulated an increase of 6.1%

The Monthly Estimator of Economic Activity (EMAE) was recorded in March grew 4.8% relative to the same month last year, reported Thursday by the National Institute of Statistics and Censuses (INDEC). A) Yes, the first quarter accumulated an increase of 6.1%.

According to the INDEC report, relative to the same month of 2021, 14 of the activity sectors made up the registered EMAE increases in March, featuring increases in Hotels and restaurants (+33.1% yoy), Transportation and communications ( +12.7 % ai) and Exploitation in mines and quarries (+12.1 % ai).

“The Transportation and communications sector also had the largest impact on the year-on-year diversification of the EMAE, followed by Wholesale, retail and repairs (+4.8% yoy) and the manufacturing industry (+3.6% yoy) “added the statistical agency.

The Agriculture, livestock, hunting and forestry sectors were the only ones to register a decline in March in year-on-year comparison: production shrank by 5.5%.

Alarm signals on economic activity

After the first quarter of the rise, some consulting firms began sounding alarm signals about economic activity starting this month. According to a paper released by JP Morgan bank, the entity expects the country’s economy to contract in the second and third quarters of the year.

In February, economic activity showed an increase of 1.8% compared to January, while it grew by 9.1% compared to the same month last year.

EMAE showed that activity recovered after closing in January, when the Omicron impact and plant shutdowns caused the index to drop 0.7% in comparison to December.

Last February, 14 of the 15 sectors that make up the indicator grew annually. The increases were led by Hotels and restaurants (31.9%), Transportation and communications (14.5%) and Exploitation in mines and quarries (14.1%).

The Transportation and communications sector also gained, which is one of the sectors with the largest impact on year-on-year diversification, along with Commerce and Industry: among the three they contributed 4.2 percentage points increasing the total index.

Meanwhile, the only sector that contracted in February was Agriculture and Livestock, which dropped 0.8% compared to the same month last year.

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