Argentina: Economic activity recovers in December
Latest reading: Economic activity increased 3.5% in annual terms in December, following a 0.1% fall in the prior month.
Relative to the prior month’s data, readings in December improved for agriculture (+32.2% on a year-on-year basis vs +11.5% in November), manufacturing (-3.9% vs -8.0% in November) and construction (+0.3% vs -2.5% in November). In contrast, readings worsened for transport and communications (+1.8% vs +1.9% in November) and hotels and restaurants (-1.5% vs +0.8% in November).
On a month-on-month basis, economic activity increased 1.8% in December, following a 0.1% drop in the prior month.
Panelist insight: On the reading and outlook, Goldman Sachs’ Sergio Armella said:
“Real economic activity ended 2025 on a high note, driven by a record wheat harvest. Since the bulk of the wheat harvest takes place between November and December, we expect activity to normalize in the coming months. In general, economic data weakened after the midterm election, with the EMAE falling in October and November, and manufacturing and construction activity contracting in Q4 (-1.5% and -1.3% qoq sa, respectively).”