The EMAE from INDEC grew by 5.5% year-on-year and 3.5% month-on-month, with 14 out of 15 sectors recording significant increases.
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The Argentine economy recorded a strong growth in March 2026 and reached a new historical maximum in the level of activity, thanks to the successful economic program of the Government of Javier Milei.
According to the data from the Monthly Economic Activity Estimator (EMAE) published this Thursday by INDEC, the indicator grew 5.5% in the year-on-year comparison and 3.5% compared to February in seasonally adjusted terms.
This data not only reflects a sustained improvement but also consolidates a positive trend that has been deepening in recent months. In the trend-cycle measurement, which allows observing the long-term dynamics, activity advanced 0.4% month-on-month and accumulated 25 consecutive months of growth.
INDEC data.
The overall performance was driven by a practically generalized expansion of the productive sectors. In fact, fourteen of the fifteen sectors that make up the EMAE recorded increases compared to March 2025, which evidences a broad recovery not limited to specific segments.
The growth in March
Among the most dynamic sectors, Fishing stood out, with a year-on-year growth of 30.9%, and Agriculture, livestock, hunting, and forestry, which advanced 17.9%. The latter not only led the growth but also had the greatest positive impact on the overall result.
Meanwhile, the manufacturing industry showed a 4.6% year-on-year increase, while mining and quarrying grew 16.3%. Together, these sectors accounted for 2.7 percentage points of the total growth of the EMAE, consolidating as key drivers of activity.
Advances were also recorded in areas such as transportation and communications, contributing to the overall dynamism in a context where the recovery begins to show greater depth and reach.
INDEC data.
The message from Luis Caputo
The Minister of Economy, Luis "Toto" Caputo, highlighted the results through his social media and emphasized the historical nature of the data. “THE LEVEL OF ECONOMIC ACTIVITY REACHED A NEW HISTORICAL MAXIMUM IN MARCH,” he stated.
In that line, he specified: “In March, the Monthly Economic Activity Estimator (EMAE) recorded a growth of 3.5% month-on-month in the seasonally adjusted series and 5.5% compared to the same month in 2025.”
The official also emphasized the strength of the recovery: “With this record, the seasonally adjusted EMAE accumulated a growth of 0.5% compared to December 2025 and reached a new historical maximum.”
Furthermore, he focused on the breadth of sectoral growth: “14 of the 15 sectors of the EMAE recorded growth in the year-on-year comparison. In terms of their impact on the general level, increases were highlighted in Agriculture, Livestock, Hunting, and Forestry (+17.9% y.o.y.), Manufacturing Industry (+4.6% y.o.y.), Mining and Quarrying (+16.3% y.o.y.), and Transportation and Communications (+4.7% y.o.y.).”
Finally, he highlighted the underlying trend: “The trend-cycle indicator, which allows analyzing the long-term dynamics of the series, grew 0.4% m/m and accumulated 25 consecutive months of growth.”
The result for March is set against a backdrop of economic growth driven by the management of President Javier Milei, who has advanced with structural reforms to correct imbalances accumulated over decades.
