BUENOS AIRES -- Argentina's INDEC reported that economic activity fell 1.0% month-on-month (mom) in March on a seasonally adjusted (non-annualized) basis. This followed a 0.9% mom expansion in February.
In annual terms, economic activity grew 2.0% in March.
This was above the consensus expectation of a 1.7% increase according to a Bloomberg survey, and higher than February’s 1.4% increase.
The monthly GDP proxy suggests that average real GDP rose 1.2% yoy in the first quarter, up from the 0.2% increase in 4Q 2014.
INDEC does not publish details of the underlying components of this index.
INDEC also reported that industrial production rose 0.4% mom (seasonally adjusted, non- annualized) in April.
On a year-on-year basis, industrial production contracted 1.5%, less than the consensus expectation of -1.9% according to a Bloomberg survey.
Automobile production was the weakest-performing sector, falling 17.5% yoy.
Meanwhile, several industries improved in April compared to one year ago, including oil refining, metal mechanical production, and non-metallic minerals where production increased 8.9%, 7.9% and 7.3%, respectively.