阿根廷MERVAL指数 (Merval) 加自选

2025年8月，阿根廷的经济活动同比增长2.4%，低于7月份向上修正的3.1%，也低于2.5%的增长预期。减速反映了几个行业的表现较弱，包括农业（-1.4%对7月份的1.2%）、制造业（-5.1%对-1.3%）、建筑业（1.5%对2.8%）、贸易（-1.7%对2.8%），房地产和商业服务（2.9%对4.1%）以及教育（1.1%对1.3%）。相比之下，酒店和餐馆的增长速度加快（6.4%对6.0%），交通和通信业有所回升（2.6%对0.9%），金融中介仍然是主要的积极贡献者（26.5%对23.3%）。公用事业继续收缩，但收缩程度略低（-1.6%对-2.1%），公共部门的小幅下降持续存在（-0.4%对-0.5%）。矿业仍在扩张，但速度较慢（9.3%对13.5%）。经季节性调整后，月度活动增长0.3%，而趋势周期下降0.1%。

Argentina’s economic activity grew 2.4% year-on-year in August 2025, slowing from an upwardly revised 3.1% in July and missing expectations of a 2.5% expansion. The deceleration reflected weaker performance across several sectors, including agriculture (-1.4% vs. 1.2% in July), manufacturing (-5.1% vs. -1.3%), construction (1.5% vs. 2.8%), trade (-1.7% vs. 2.8%), real estate and business services (2.9% vs. 4.1%) and education (1.1% vs. 1.3%). By contrast, hotels and restaurants accelerated (6.4% vs. 6.0%), transport and communications picked up (2.6% vs. 0.9%) and financial intermediation remained a major positive contributor (26.5% vs. 23.3%). Utilities continued to contract but slightly less so (-1.6% vs. -2.1%) and the public sector’s small decline persisted (-0.4% vs. -0.5%). Mining stayed in expansion but at a slower pace (9.3% vs. 13.5%). On a monthly, seasonally-adjusted basis, activity rose 0.3%, while the trend-cycle fell 0.1%.