Economic activity rose sharply in March to a new all-time high, with growth of 3.5% from the previous month and 5.5% year-on-year, led by strong performances in agriculture, industry and mining.
It was the biggest monthly increase since Javier Milei took office, according to statistics institute INDEC’s Monthly Economic Activity Estimator (EMAE).
After the jump, March activity stood 6.6% above the level of November 2023 — just before Milei’s election victory — and at its highest point since at least 2004.
Iván Cachanosky, chief economist at the right-wing think tank Fundación Libertad y Progreso, said “the March EMAE confirmed what was expected, and the economy bounced back strongly.”
He explained that February “was the bottom of the cycle,” because the first two months of the year are structurally tricky months — “summer holidays, lower industrial output, and in this case a general strike and two fewer business days.”
