Economic activity grew by 7.7% in April, marking the best figure in more than two years.

The Monthly Economic Activity Estimator (EMAE) recorded a significant increase in April 2025, with a 7.7% year-on-year rise. This is the highest growth since 2022 and reflects an acceleration of the Argentine economy after 2024, which was marked by recession.

The index also showed a 1.9% increase compared to March in seasonally adjusted terms and a positive variation of 0.5% in the trend-cycle.

Which sectors drove economic growth

Twelve of the sectors included in the EMAE showed positive variations compared to the same month of the previous year. Among them, the following stood out:

• Financial intermediation: with an astonishing 28.4% year-on-year growth.
• Construction: rose by 17.1% and shows signs of recovery after several months of decline.
• Wholesale and retail trade and repairs: grew by 15.6% and was the activity with the greatest positive impact on the overall indicator.
• Manufacturing industry: recorded a 7.6% increase, consolidating its recovery.

Other sectors that also contributed to growth were transportation and communications (+3.3%), mining and quarrying (+4.7%), and hotels and restaurants (+6.8%).

Comparison with previous months

The increase in April came after a decline in March (-1.9% seasonally adjusted monthly). The rebound in April not only reverses that trend, but also consolidates a sustained growth trend that began to emerge at the end of 2024.

The cumulative EMAE growth so far in 2025 is 6.3%, which marks a sharp contrast with the negative values of the same period last year as a result of the enormous damage caused by the Massazo.