The monthly indicator for economic activity (EMAE) expanded 4.8% in year-on-year terms in September, which followed August’s 6.6% increase. September’s figure marked the worst reading since March. Looking at the details of the release, the agriculture sector rose at a faster pace in September, while the manufacturing sector rose at a softer pace. Lastly, activity in the hotels and restaurants sector lost steam, while transport and communications production decelerated.
On a monthly basis, economic activity fell 0.3% in September (August: +0.7% mom), the worst result since March. Meanwhile, the trend pointed down, with the annual average growth of economic activity coming in at 6.9% in September, down from August’s 7.5%.
FocusEconomics analysts see the economy growing 2.2% in 2023, unchanged from the previous month’s forecast. In 2024, analysts see GDP expanding 2.2%.