Argentina's economic activity estimator fell by 1.73% year-on-year in April 2024, significantly improving from an upwardly revised 8.3% contraction in the prior month and widely beating market expectations of a 4% decline.

This was the slowest contraction so far this year, with improvements in utilities (+1.6% vs. -7.5% in March), transportation (+0.5% vs. -1.4%), agriculture, livestock, hunting, and forestry (+70.3% vs. +14.1%), and mining and quarrying (+9.4% vs. +5.9%).

Social services remained steady (+1% vs. +1%).

Meanwhile, the contraction moderated in construction (-24.8% vs. -29.9%) and manufacturing (-15.7% vs. -19.6%), but it deteriorated further for hospitality (-8.6% vs. -1.5%).

Seasonally adjusted data reflected a 0.1% decline, with the trend-cycle indicator registering a 0.4% decrease compared to the previous month.

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