Monday, May 29

The economy rebounded 1.7% in November and accumulated growth of 10.3% in 11 months

The sectors that most influenced this recovery were Manufacturing (+10.6%), Commerce (+10.1%) and Transport and communications (+14.3%). Meanwhile, the largest increases were seen in Restaurants and hotels (+59.8%), an item hit hard by the Covid-19 pandemic.

“The sectors most affected by the pandemic show a sustained recovery, thanks to the assistance of the State through policies such as REPRO II and Previaje,” they maintained from the Ministry of Economy.

Asimsimo, INDEC’s Monthly Estimator of Economic Activity (EMAE) was 5.6% higher than November 2019, when the virus had not yet reached the country.

Compared against that date, 11 of the 15 sectors evaluated showed improvements. The largest increases were in Industry and Commerce (+14.6% both), Construction (+8.9%) and Financial intermediation (+8.8%). Only Fishing, Hotels and restaurants, Transportation and communications, and Other service activities fell.

In this way, the domestic economy functioned almost 4% above pre-pandemic levels and had its best performance since August 2018.

Looking ahead to December, the director of the Center for Production Studies (CEP), Daniel Schteingart, warned that the first advance data are encouraging. “For most of the productive indicators, it was the best December in at least 4 years,” he remarked.

For example, shipments of cement, imports of capital goods and energy consumption in the beverage sector recorded their historical record for the last month of the year. In addition, gas production, oil refining and production, and imports of intermediate goods had their highest activity in the last decade.