Argentina’s recession looks inevitable after August data

Although September’s economic activity figures have yet to be released, August’s data suggest that Argentina is on track to enter a technical recession in the third quarter of the year. The latest figures reflect weak economic activity, as measured by the Monthly Economic Activity Estimator (EMAE), an early indicator of quarterly GDP published by the national statistics agency INDEC. In July, the EMAE plunged nearly 3% month-on-month, marking the steepest decline since the pandemic and the first drop of that magnitude in at least two decades that was not triggered by a peso devaluation or an…