The Mining and quarrying activity had the greatest positive impact on the year-on-year variation of the monthly economic activity estimator (EMAE). In the ninth month of the year it grew by 7.6%.

Argentina's economic activity (EMAE) contracted by 3.3% year-on-year in September, marking four months with negative results, the National Institute of Statistics and Census (INDEC) said on Friday.

A recent poll by Reuters estimated a 3% drop in the monthly economic activity indicator (EMAE) for the ninth month of the year.

The monthly estimate of activity fell by 0.3% in the seasonally adjusted measurement compared to August, the statistics agency added.

The EMAE is considered a key indicator as it predicts the GDP trend.

Analysts say the country's economy is showing signs of a slight recovery.

Compared to the same month in 2023, four activity sectors that make up the EMAE registered increases in September, including Mining and quarrying (+7.6% yoy) and Agriculture, livestock, hunting and forestry (+3.1% yoy).

Meanwhile, the Mining and quarrying activity (+7.6% y-o-y) was, in turn, the one with the greatest positive impact on the year-on-year variation of the EMAE, followed by Agriculture, livestock, hunting and forestry (+3.1% y-o-y).

Eleven sectors of activity recorded year-on-year declines, including Fishing (-25.2% yoy) and Construction (-16.6% yoy). The latter, together with Wholesale, retail and repair trade (-8.3% yoy) and Manufacturing industry (-6.2% yoy), account for 2.7 percentage points of the year-on-year change in the EMAE.