The monthly index of economic activity (EMAE) expanded 4.8% year-on-year in September, which followed August’s 6.6% increase. The September numbers were 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 slower pace. Finally, activity in the hotel and restaurant sector lost momentum, while transportation and communications production slowed down.
On a monthly basis, economic activity fell 0.3% in September (August: +0.7% MoM), the worst result since March. Meanwhile, the trend indicated a downward trend, with annual growth in economic activity averaging 6.9% in September, down from 7.5% in August.
FocusEconomics analysts see the economy growing 2.2% in 2023, unchanged from the previous month’s forecast. In 2024, analysts expect GDP to expand by 2.2%.