finsmart-news_admin 
Argentina: Economic activity continues to expand strongly in May
Latest reading: The monthly indicator for economic activity (EMAE) grew 5.0% year on year in May (April: +8.0% yoy). The deceleration reflected weaker growth in several sectors, including agriculture, manufacturing, construction, trade, hospitality, transport and financial services. May’s EMAE figure marked the worst reading since November 2024, but was still elevated by historical standards.
On a monthly basis, economic activity fell 0.1% in May (April: +1.8% mom). Meanwhile, the trend improved slightly, with the annual average growth of economic activity coming in at an over two-year high of 2.4%, up from April’s 2.2%.
Panelist insight: On the outlook, Itaú Unibanco analysts said:
“In our view, the recent removal of certain capital controls and changes to the exchange rate framework should lead to more investment, while falling inflation contributes to greater private consumption. A positive outcome for the government in the midterm elections (October 26, 2025) would create a more favorable environment for investment.”
