The INDEC statistics agency released its monthly report on the state of the economy yesterday, and surprise, surprise… the Macri administration got a new set of green numbers to add to its books since it says that Argentina’s economy grew by 4.3 percent in August, compared to the same month of 2016.
However, before moving on to dissect the figures, we should clarify that even though this is the sixth consecutive month of growth – and the third one in which it grows by more than 4 percent – the total numbers of the economy are only back to 2015 levels, right before President Mauricio Macri took office.
Nonetheless, practically all sectors of the economy -14 out of the 15 that are taken into account – continued to grow this month. Again, construction (11.7 percent), industrial activity (5.6 percent) and retail (4.9 percent) were the sectors that grew the most. Mining and quarrying was the only one that saw a decrease in its activity, with a 2.1 percent reduction.
The agency’s report also informed that the economic activity grew by 0.3 percent when compared to July, while the accumulated annual growth so far is of 2.4 percent.