Mining Led Sector Growth in July Despite Monthly Decline in Activity
Argentina's economic activity posted a monthly decline in July, although it maintained a positive year-over-year variation compared with the same month in 2025. The EMAE preview compiled by Equilibra showed 0.5% year-over-year growth and a 0.5% seasonally adjusted drop from June. Orlando J. Ferreres & Asociados' IGA, meanwhile, posted a 0.3% year-over-year increase and a 0.9% monthly pullback.
In both surveys, mining ranked among the best-performing activities. According to Equilibra, the sector grew 16% year-over-year in July, the largest expansion among the branches analyzed. The consultancy also noted that primary sectors—agriculture, mining, energy and fishing—grew 11% year-over-year during the month and posted a cumulative gain of 11.7% in the first seven months of 2026.
The contribution of primary activities partially offset the weakness in non-primary sectors. The latter registered a 1% year-over-year contraction in July and posted four consecutive monthly declines. Within that group, manufacturing fell 2.7% and trade dropped 2.8%, while construction showed a practically flat variation.
The Orlando J. Ferreres & Asociados report also placed Mining and quarrying among the sectors with the biggest increases, posting a 5.1% year-over-year rise. Financial intermediation led that index with 6.2% growth, followed by construction, which advanced 4%. Agriculture, by contrast, fell 4.8% year-over-year in July, although it accumulated a 7.1% expansion over the first seven months.
Both measurements agreed that the recovery continues to show ups and downs and that domestic demand has yet to consolidate a sustained rebound. Equilibra lowered its average growth estimate for 2026 to 2%, after factoring in the decline recorded in the rolling quarter ended in July.
With information from Infobae — EconomĂa.