The National Institute of Statistics and Census (INDEC) reported that compared to October, the monthly estimate rose 0.9%.

Argentina's economic activity (EMAE) rose a slight 0.1% year-on-year in November, the National Institute of Statistics and Census (INDEC) said on Thursday, a figure better than expected by analysts.

A recent poll by Reuters estimated a 0.6% drop for the EMAE in the eleventh month of 2024.

Following the improvement, the EMAE - which is considered an important indicator as it predicts the GDP trend - broke a streak of five consecutive months with a negative result in its year-on-year variation.

The monthly estimator of activity in the seasonally adjusted measurement compared to October rose 0.9% and the cycle trend indicator improved 0.3%, the statistics agency added.

INDEC stated that compared to the same month in 2023, five sectors of activity that make up the EMAE registered increases in November, among which Fishing (+164.6%) and Financial Intermediation (+9.9%) stand out.

The Financial Intermediation activity (+9.9%) was, in turn, the one with the greatest positive impact on the year-on-year variation of the EMAE, followed by Mining and quarrying (+7.1%) and Fishing (164.6%).

Ten sectors of activity recorded declines in the year-on-year comparison, including Construction (-14.2%) and Electricity, gas and water (-5.6%).

Together, the Construction (-14.2%), Manufacturing Industry (-2.3%a) and Wholesale, Retail and Repair Trade (-1.3%) sectors subtract one percentage point from the year-on-year variation of the EMAE.

The EMAE benchmark has accumulated a 2.5% drop in eleven months of 2024.