ARGENTINA ECONOMIC ACTIVITY
Nominal and real GDP, monthly EMAE, sector composition and demand components — INDEC
Argentina's GDP
GDP measures the total value of goods and services produced within Argentine territory. It can be viewed from two angles: from the supply side (which sectors produce it) and from the demand side (who consumes it). In this INDEC Excel file exactly both perspectives are captured: 'Tables 1 and 8' are demand (consumption, investment, exports), and 'Tables 4 and 12' are value added by sector. Download Excel
On the supply side, the most important sectors are:
- Manufacturing is the largest generator of value added (around 16%), followed by trade (wholesale and retail, ~13%) and real estate and business activities (~12%). The public sector (administration, education, health) together accounts for around 20% of the total. Agriculture, livestock and forestry has a direct weight of around 7% of GVA, but its real influence on the economy is much greater: when you include the entire agro-industrial chain (meatpacking plants, oil mills, soybean processing, flour mills), the contribution rises to more than 15%. In 2024 the agricultural sector grew 31.3% year-on-year and was key to preventing a deeper fall in GDP, in a context where construction fell 17.7% and manufacturing fell 9.2%.
- Mining and quarrying still has a modest direct weight (~4%), but is gaining accelerated prominence due to Vaca Muerta. In the fourth quarter of 2024, mining and quarrying value added rose 7.9%, and in 2024 it accumulated an annual increase of 7.4%.
On the demand side, the picture is compelling: private consumption was the most important component, with 68.1% of GDP, followed by gross fixed capital formation (15.8% of GDP), exports (15.3% of GDP) and public consumption.
Within exports, the most relevant fact is that Argentina mainly exports agricultural products: soybeans and their derivatives (oil, flour, pellets), corn, wheat, beef, sunflower. Agricultural manufactures (MOA) plus primary products account for around 58% of total exports. They are followed by industrial manufactures (MOI, ~27%), which include cars, auto parts, chemicals and machinery, and the energy complex which is growing strongly.
EVOLUTION OF GROSS DOMESTIC PRODUCT AT CURRENT PRICES
EVOLUTION OF GROSS DOMESTIC PRODUCT AT CURRENT PRICES
Detailed Explanation:
This line chart shows the quarterly Gross Domestic Product (GDP) at current prices in millions of ARS from 2017 onwards.
- Nominal GDP: Reflecting nominal output without inflation adjustment.
Purpose: It captures overall economic size including price effects; rapid growth may indicate inflation rather than real expansion. Compare with constant price GDP for true growth insights.
Note: Nominal GDP is useful for fiscal analysis but masks purchasing power changes.
EVOLUTION OF GROSS DOMESTIC PRODUCT PRICES YEAR BASE 2004
EVOLUTION OF GROSS DOMESTIC PRODUCT PRICES YEAR BASE 2004
Note: The gross domestic product has not significantly grown in real terms since 2016
Detailed Explanation:
This line chart displays the quarterly Gross Domestic Product (GDP) at constant 2004 prices in millions of ARS from 2017 onwards.
- Real GDP: Adjusting for inflation to show real economic growth, base 2004=100.
Purpose: It highlights volume changes in output, excluding price effects; stagnation since 2016 indicates limited real progress despite nominal increases. Use for assessing productivity and living standards.
Note: The base year allows historical comparability but may not reflect current economic structure.
MONTHLY ESTIMATOR OF ECONOMIC ACTIVITY
MONTHLY ESTIMATOR OF ECONOMIC ACTIVITY
Note: The EMAE (Monthly Estimator of Economic Activity) published by Argentina's INDEC is measured as a monthly index, not in monetary units like pesos or dollars. It uses a base year of 2004, set to 100, and reflects changes in economic activity relative to that baseline. Among its three formats (original, seasonally adjusted, and trend cycle), the graph focus on the trend cycle series, which smooths out short term fluctuations and offers a clearer view of Argentina's medium and long term economic trajectory. While it doesn't replace GDP data, this series provides a more stable and frequent snapshot of the country's underlying economic performance.
VALUE ADDED BY SECTOR (QUARTERLY SNAPSHOTS) at constant 2004 prices
VALUE ADDED BY SECTOR (QUARTERLY SNAPSHOTS)
Note: Value added by sector at constant 2004 prices.
Explanation: Each panel shows the share of each economic sector in total value added for Q3 of the selected year. Sector sizes are proportional to their contribution to GDP at constant 2004 prices.
VALUE ADDED BY SECTOR – Q4 (LATEST AVAILABLE)
VALUE ADDED BY SECTOR – Q4 (LATEST AVAILABLE)
Note: Value added by sector for the fourth quarter (Q4) of the latest available year, at constant 2004 prices.
Explanation: This treemap displays the weight of each productive sector in the most recent Q4. It complements the multi‑year Q3 snapshots above, helping to evaluate the most up‑to‑date structure of the economy.
GDP DEMAND COMPONENTS
GDP DEMAND COMPONENTS
Note: Quarterly GDP by expenditure approach (constant 2004 prices). Quarterly series of global supply and demand. Years 2004-2025
Detailed Explanation:
This chart shows the evolution of the main components of GDP from the demand side: private consumption, public consumption, gross fixed capital formation (investment), exports and imports – all at constant 2004 prices in millions of Argentine pesos (base 2004 = 100).
- Private Consumption: Household spending on goods and services.
- Public Consumption: Government current expenditure on individual and collective services.
- Investment (GFCF): Acquisition of fixed assets (machinery, equipment, construction).
- Exports / Imports: Goods and services sold abroad / purchased from abroad.
GDP DEMAND COMPOSITION (STACKED)
GDP DEMAND COMPOSITION (STACKED)
Note: Quarterly GDP by expenditure approach. Quarterly series of global supply and demand. Years 2004-2025.
Explanation:
Stacked area representation of the four main demand aggregates at constant 2004 prices. Net exports (exports minus imports) can be negative, reflecting a trade deficit. The height of the stacked area equals GDP (since GDP = C + G + I + (X-M)).