By Hernan Nessi
June 26 (Reuters) – Argentina’s monthly economic activity indicator is forecast to show 2% year-over-year growth in April, down from 5.5% in March, according to the median of a Reuters survey of 10 analysts released Friday.
• Despite the positive annual reading, analysts expect monthly activity declined from March, signaling a slow, oscillating recovery.
• The survey showed an average forecast of 1.9% year-on-year, with a range from flat to 3.7%.
• “What we see in April confirms the fragility of growth. There is no rebound or sustained growth,” said Lucio Garay, economist at Eco Go consultancy.
• Agriculture and industry were the main sectors driving the monthly decline, Garay said.
• Exports fell more than 10% month-on-month and investment dropped 2.5% in April, according to Garay.
• Argentina’s industrial production fell 2.8% year-on-year in April, per the manufacturing production index (IPIm) from statistics agency INDEC.
• INDEC will release the Monthly Economic Activity Estimator (EMAE) for April on Monday at 1900 GMT. The indicator is considered key for forecasting GDP.
(Reporting by Hernan Nessi, Writing by Leon Ramirez, Editing by Daina Beth Solomon)
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