Argentina’s statistics institute, the INDEC, came out to explain how it reached its economic activity figures for September after the data showed growth when many economists had been expecting the economy to tip into recession.

The institute said the increase was mainly because of a statistical correction resulting from its seasonal adjustment procedures and the strong performance of the financing sector.

Adding the latest data involved estimating the figure after seasonal adjustment. This involves “recalibrating previous months and the way in which the series is distributed,” the INDEC wrote in a statement.

That means that, while the trend was previously interpreted as “irregular”, once September’s data was incorporated, the trajectory shows a positive trend.

September’s performance is mainly explained by the growth in the finance sector, the institute added, as growing volumes of bank loans and deposits create increased demand for financial services........

© Buenos Aires Herald