Argentine Economic Activity Grows 9.3% Year-on-Year - November

"In November 2021, the monthly economic activity estimator (EMAE) registered a variation of 9.3 percent with respect to the same month of 2020," the agency published in its monthly report.

RELATED:

Argentina, Between COVID-19, Blackouts, and a Heat Wave

Concerning October, the text adds that the EMAE registered an increase of 1.7 percent in the seasonally adjusted measurement. The Ministry of Economy assured in its Twitter account that the sectors most affected by the covid-19 pandemic "show a sustained recovery, thanks to the State's assistance through policies such as REPRO II (Productive Recovery II program) and Previaje."

REPRO II is a tool created by the Government to sustain employment in sectors with economic difficulties. At the same time, Previaje is a tourist pre-sale program that reimburses 50 percent of the value of the trip in credit.

In this sense, the Ministry of Finance highlighted that the hotel and restaurant sector increased 59.8 percent inter-annual in November. According to the Indec report, for November 2020, 13 of the sectors that make up the EMAE registered increases.

In addition to the increase in hotels and restaurants, the text highlights the rise in mining and quarrying (20.4 percent year-on-year). "These two sectors together contributed 1.1 percentage points to the increase in the EMAE," the report details.

On the other hand, the manufacturing industry and wholesale, retail and repair trade were the sectors with the highest incidence, with interannual growth of 10.6 percent and 10.1 percent, respectively.

Between the two, they added 3.3 percentage points to the year-on-year variation of the EMAE, according to Indec.

On the other hand, electricity, gas and water, and fishing were the two economic sectors that registered decreases in November, with 0.2 percent and six percent year-on-year less than in November 2020, respectively, thus subtracting 0.01 percentage points to the variation of the total index.

In the first eleven months of 2021, the country's economic activity increased 10.3 percent.