Customers check prices in a supermarket in Buenos Aires, Argentina January 13, 2025. REUTERS/Agustin Marcarian/File Photo

By Hernan Nessi

BUENOS AIRES (Reuters) -Argentina's economic activity likely grew 3.3% year-on-year in July, according to median forecasts of 15 local and international analysts polled by Reuters.

In June, official data from the National Institute of Statistics and Census (INDEC) showed year-on-year growth of 6.4%, signaling a sharp slowdown in July.

Argentina's monthly economic activity data, known as EMAE, is a closely watched indicator that helps anticipate the trajectory of the country's Gross Domestic Product (GDP).

Consulting firm Orlando Ferreres & Asociados (OJF) said July's numbers are "not encouraging."

"The seasonally adjusted series reflects a contraction," OJF said in a report, adding that the level remains barely higher than December, "highlighting the difficulties the activity is having in showing expansion in 2025."

Estimates from the analysts surveyed ranged from a minimum of 1.7% to a maximum of 5% for the July EMAE.

"The year-over-year comparison reflects a slowdown," OJF said. "The largest contraction in July occurred in the manufacturing, which reported poor figures in key sectors such as food and automotive."

According to INDEC's publication schedule, Argentina will release the official EMAE data for July on Wednesday afternoon (1900 GMT).

(Report by Hernán Nessi; Edited by Jorge Otaola and Franklin Paul)