Contrary to the national economy, economic activity in Santa Fe It started to take off in March. In fact, the Monthly Indicator of Economic Activity for the province of Santa Fe (Imae) registered an increase of 10.1% compared to the same month of the previous year. While a similar index, the Monthly Estimator of Economic Activity (Emae) prepared by Indec at the national level, reported an 8.4% decline in March. The accumulated variation in Santa Fe between January-March 2024 was 0.1%.
Unlike the national measurement, the recovery of the countryside already impacts the provincial numbers. Even more so, if the comparison is with last year when the effects of the drought in the region were strongly felt. Thus, in March 2024, the sectors that had the greatest impact on the interannual variation of the Imae were Agriculture and livestock (19.2 pp) and Transport and comunication (1.1 pp). On the contrary, it is worth highlighting the negative impact of Trade (-5.2pp), Manufacturing industry (-2.9 pp) and Construction (-1.2 pp), on the variation of the indicator.
Detached from the country, Santa Fe’s economy grew at a Chinese rate, why?
The activities that presented positive interannual variation in the month of March 2024 were: Agriculture, livestock, hunting and forestry (125.9%), Transportation and communications (18.5%), Fishing (14.6%), Public administration (12.0%)1, Domestic service (10.4%), Social and Health Services (2.6%) and Teaching (2.5%). On the other hand, the Mines and quarries sector fell by 43.1%, Construction by 27.5%, Commerce by 22.9%, Financial intermediation by 15.2%, Manufacturing industry by 11.9%, Electricity, gas and water 7.0%, Real estate, business and rental activities 6.5%, Hotels and restaurants 3.5% and Community, social and personal services 1.2%.
Detached from the country, Santa Fe’s economy grew at a Chinese rate, why?
Economic activity continues without lifting
The national economy registered a drop of 8.4% in March, compared to the same month last year. In that way, the Monthly Estimator of Economic Activity (Emae) closed the quarter with a drop in the activity level of 5.3%, according to data published by the National Institute of Statistics and Censuses (Indec).
The retraction of March It was the fifth in a row, after the poor results measured in November (-0.9%), December (-4.5%), January (-4.1%) and February (-3%). The last positive result occurred last October, when the Emae showed a variation of 1% in favor.
In relation to the same month in 2023, six sectors of activity that make up the Emae registered increases in March, among which are agriculture, livestock, hunting and forestry (+14.1% yoy) and mining and quarrying (5. 9% ai). The other activities that improved were “social and health services” (1%), “teaching” (0.9%) and “public administration and defense.”
