Photo via El Destape

The Argentine economy grew by 3.3 percent in May this year compared to the same month in 2016, according to figures from the Monthly Economic Activity Estimator (EMAE) released yesterday by Indec statistics agency.

However, don’t pop open up that wine bottle just yet. Because even though this is the largest increase in 19 months — since November 2015, the month before President Mauricio Macri took office — it’s mainly because last May’s numbers were very low.

But there are some good news. The economy does show to be in an ascending curve. The output grew by 0.6 percent compared to April, and by 1 percent during the first five months of the year. “The output is already 0.7 percent above December 2015 levels,” sources from the Treasury Ministry led by Nicolás Dujovne told La Nación.

The sectors that boosted the growth were the following: retail (4.5), agribusinesses (3.3), transportation and communications (5.4), real estate (3) and industry (2.5). The construction sector gets a special mention as it grew by 9.3 percent this month boosted by, among others, the public sector. In fact, the Institute of Statistics and Register of the Construction Industry informed the press yesterday that the sector added 10,000 jobs in May.

The sectors that shrunk, on the other end, were mining (-4.2 percent) and electricity, gas and water supply (4.9 percent). According to the budget bill, the Macri administration expects the economy will grow by 3.5 percent this year.

In contrast, the International Monetary Fund (IMF) informed yesterday that it’s currently projecting the country’s economy will grow by 2.4 percent this year. Although it’s much lower than the government’s numbers, the figure is an improvement within the fund’s own projections, considering that it had informed that the country would grow by 2.2 percent in 2017.