Argentina’s monthly activity index (EMAE) dropped 0.7% m/m in June, extending May’s decline, leaving activity 1.3% below February’s peak before FX controls were lifted. YoY growth remained strong at 6.4%, supported by financial services (+28.7% YoY), commerce (+11.5%) and manufacturing (+7.8%). In 1H25, growth averaged 6.2% YoY, though sequential weakness reflects tight monetary policy, falling real wages and political uncertainty, with activity likely to remain subdued through July and August.