The economy contracted 1.8% in 2024, below what analysts expected

The economy contracted by 1.8% in 2024 , according to the monthly economic activity estimator (EMAE) reported on Tuesday by the National Institute of Statistics and Census (INDEC). The figure is below what the markets had expected.

According to a report released on Wednesday, the economy grew 5.5% year-on-year in December of last year and 0.5% compared to November.

Compared to December 2023, nine activity sectors that make up the EMAE registered increases, among which Financial Intermediation and Wholesale, Retail and Repair Trade stand out.

Meanwhile, the sectors with the greatest impact on growth were the manufacturing industry, followed by wholesale, retail and repair trade.

Six sectors of activity recorded year-on-year declines. Fishing (-25.0%) and Construction (-7.2%) were the sectors with the highest declines.