Industrial activity was up 2.6 % in January on an inter-annual basis (Photo via Noticias Argentinas)

Economic activity, a proxy for Gross Domestic Product, was 2.8 percent higher in 2017 than in 2016 according to the INDEC statistics bureau.

The EMAE figures, released today, indicate that economic activity in December 2017 was 0.6 percent greater than in November 2017 and 2.0 percent higher than December 2016. As such, the cumulative increases for 2017 came to a total of 2.8.

The Casa Rosada celebrated the 2.8 percent cumulative increase in activity as the highest since 2011. There was a contraction in GDP of 2.6 percent in 2016.

Between December 2017 and December 2016 nearly every sector reported greater activity, except for transport and fisheries. The best-performing sector was construction, which rebounded after 2016 with a 12.6 percent increase its level of activity. Construction amounted to 0.34 of the 2.0 percent increase in the month’s increase compared to December 2016. The single-biggest contributor to economic activity however were tax revenues net of subsidies, which amounted to 0.62 percent of the 2.0 percent increase between December 2016 and 2017.

Fisheries in December 2017 were down on an inter-annual basis by 10 percent and transport was 0.02 percent down.

Separately, industrial output increased 2.6 percent in January 2018 on an inter-annual basis. The result is also ninth consecutive month of increases in the industrial sector.