Argentina's economic activity rose 2.7% in June, driven by mining and agriculture

Argentina's economic activity rebounded by 2.7% in June compared to the previous year, marking a positive start to the second half of 2026. The Monthly Economic Activity Estimator (EMAE) for the first semester showed a 1.9% improvement.

Twelve of the fifteen sectors contributing to the EMAE registered growth in June. Fishing saw a significant 247.6% increase, while mining and quarrying grew by 15.6%. These sectors, along with agriculture, livestock, hunting, and forestry (4.6%), were the primary drivers of the year-on-year EMAE growth, contributing 1.1 percentage points.

Other sectors also showed gains: financial intermediation rose 5.1%, construction 2.8%, industry 1.9%, and commerce 0.8%. However, three sectors experienced declines, with public administration and defense falling by 1.5%. Electricity, gas, and water (-0.4%) and education (-0.1%) also contributed to a slight decrease, collectively subtracting 0.1 percentage points from the EMAE's year-on-year variation.

Economists are cautiously optimistic about the coming months. Javier Bongiovanni of Fundación Libertad noted that the key question is how and when the dynamism of tradable sectors will benefit the rest of the economy. With exports maintaining a record pace and the RIGI (General Import and Export Revenue Regime) attracting more projects, investment in extractive industries is beginning to generate genuine foreign currency. While July's inflation saw a slight uptick, it remained within expectations and did not disrupt the overall trend of deceleration. Bongiovanni believes that if this momentum persists, there are grounds for optimism in the second half of the year.