July 19th, 2024
1. AMIA held a ceremony in commemoration of the 30th anniversary of the attack
At midnight on Tuesday, President Javier Milei led in Tucumán the signing of the May Pact, a commitment made with governors and opposition leaders to advance in 10 state policies that the government considers key for the direction of the country. The event took place at the Casa Histórica de Tucumán. President Milei thanked the 18 governors, two former presidents, legislators and sectorial representatives who gathered at the Historic House of Tucumán to sign the May Pact, and described it as “an act of greatness” and of “love for the homeland,” in contrast with the political, social and union leaders who did not attend because they “put their ideological blinders on” or because of “obstinacy in not wanting to give up the privileges” of the old order.
2. Milei met with Lacalle Pou and Santiago Peña
In an attempt to bring positions closer and bury some conflict, President Javier Milei met this Wednesday with his counterparts from Uruguay, Luis Lacalle Pou, and Paraguay, Santiago Peña, following the tensions caused by the absence of the libertarian from the Mercorsur summit, last week in Asunción. The meetings were held separately and in both cases it was said that they were “on very good terms.” In the case of Peña, a possible trip by Milei to Paraguay was even evaluated. While the meeting with Lacalle Pou was in the afternoon at the Casa Rosada, the meeting with Peña was in the evening at the Hilton Hotel, where Milei closed the Latin American Jewish Congress, on the eve of the 30th anniversary of the AMIA bombing; and Peña and Lacalle Pou spoke before the Argentine head of state.
3. Economic activity grew 2.3% during May
INDEC published the Monthly Estimator of Economic Activity (EMAE) which registered an increase of 2.3% in the interannual comparison (i.a.) and 1.3% with respect to April in the seasonally adjusted (e.i.) measurement. In comparison with the same month of 2022, six activity sectors registered increases in May, among which Agriculture, livestock, hunting and forestry (+103.3% y-o-y) and Electricity, gas and water (+11.0% y-o-y) stand out. The Agriculture, livestock, hunting and forestry sector (+103.3% yoy) was, in turn, the sector with the highest positive impact on the interannual variation of the EMAE, followed by Mining and quarrying (+7.6% yoy).
INDEC: Estimador Mensual de Actividad Económica (EMAE)
4. The Government made official the creation of the May Council
Through Decree 617/2024, the National Government made official the creation of the May Council, which will have the purpose of “promoting the implementation and compliance with the guidelines set forth in the May Pact,” an agreement signed by 17 governors last July 9 in Tucumán. The Council, which will operate within the Cabinet of Ministers, will be formed by: a President, who will be the Chief of Cabinet; an advisor proposed by the Executive Branch; an advisor proposed by the provinces that signed the May Pact and CABA; an advisor proposed by the members of the Senate; an advisor proposed by the members of the Chamber of Deputies; an advisor proposed by the trade union organizations; and an advisor proposed by the business representatives. Finally, the agency will begin to operate within 30 days from the publication of this decree, which stipulates that “it will hold an ordinary session at least once every 30 days. In turn, it may hold extraordinary sessions by decision of the Chairman of the Council, or at the request of more than 50% of the members of the Council, or at the request of the President of the Nation.”
5. UIA published the sixth Industrial Activity Report
The Centro de Estudios de la Unión Industrial Argentina published the sixth Industrial Activity Report, where it presented the industrial activity indicators for the month of May. The survey shows a 14.3% year-on-year drop in industrial activity and a 0.6% drop with respect to April. This is the eleventh consecutive drop in manufacturing production measured by the entity, and so far in 2024 the retraction is 12.8% compared to the same period last year. The sector lost 21,285 registered jobs in the last year. According to the UIA, the advanced data for June reflect that the year-on-year drop persists and in the monthly series a new decrease could also be observed. “It is important to highlight that the data for the month were partially affected by the fewer working days due to the holidays. However, discounting this effect, there were significant drops,” highlighted the organization in its latest sectorial activity report. During May, the work reflected pronounced decreases in the automotive sector (40.2%), cement dispatches (32.8%), and agricultural machinery patents (36.6%). On the other hand, the demand for electric energy of large industrial users also continued to fall (13.3% year-on-year) and, as regards the commercial exchange with Brazil, imports decreased (50.8%), while exports increased (8.8%), they detailed. Finally, foreign currency liquidation grew (25%) after two months of decline, driven by the recovery of the agricultural sector.
Ámbito Financiero: Alerta en la industria: la UIA reportó una caída de la actividad del 14,3% interanual