Economic activity recorded strong year-on-year growth of 5.6% in April, according to the most recent report from the General Activity Index (IGA), prepared by consulting firm Orlando J. Ferreres & Asociados. This rebound marked the seventh consecutive month of expansion compared to the same period of the previous year.
Additionally, the report from IGA-OJF indicated a 1.3% increase in the seasonally adjusted series compared to the previous month. Thanks to this rise, "almost all the ground lost in the seasonally adjusted series" was recovered, according to the report. In the cumulative total for the first four months of 2025, the economy showed a total expansion of 6.6%.
Sectoral variations
Regarding sectoral performance, the Agriculture and Livestock sector experienced a 5.2% decline. This drop was mainly attributed to a 7.0% decrease in agricultural activity, compared to the second quarter of the previous year's main harvest, although livestock activity showed a 4.8% growth. In the cumulative total from January to April, the sector posted a 1.3% contraction.
Meanwhile, the Manufacturing Industry (IPI-OJF) reported a 3.1% year-on-year increase in April, reaching a cumulative increase of 4.1% in the first four months of the year. The seasonally adjusted variation was also positive, with a 1.2% rise in April, which allowed for a partial recovery after the decline recorded in March. Improvements were notable in the segments of non-metallic minerals, machinery and equipment, and basic metals.
The Electricity, Gas, and Water sector showed a year-on-year decrease of 2.5% in April, accumulating a 2.0% contraction in the first four months of the year. This sector has posted six consecutive months of year-on-year declines. According to a report from Cammesa, electricity generation and demand fell by 1.8% year-on-year, mainly due to lower demand from the residential sector.
