Overview
- INDEC’s EMAE rose 0.5% month on month and 5.0% year on year in September, logging a third consecutive monthly increase.
- Revisions lifted July to a 0.1% gain and August to 0.7%, softening prior declines and improving the short‑term trajectory.
- The activity index reached 153.6, its second‑highest level since June 2022.
- Growth was concentrated in fishing (+58.2%) and financial intermediation (+39.7%), while manufacturing (-1.0%) and public administration (-0.7%) contracted.
- Analysts have trimmed 2025 growth expectations toward about 4% as markets await the December 16 GDP release to determine the quarter’s outcome.