LATAM Today: July 23, 2026

Research evidence excerpt

LATAM Today: July 23, 2026

Economics Research

23 July 2026 | 9:42AM EDT

RamosARGENTINA Alberto | +1(212)357-5768

alberto.ramos@gs.com

May Activity Disappointed as the Growth Momentum Cooled Further Goldman Sachs & Co. LLC

ArmellaBottom Line: Real GDP, as measured by the EMAE monthly activity indicator, edged Sergio | +1(212)357-9077

up by 0.2% year-on-year in May, significantly below expectations for a 2.5% yoy sergio.armella@gs.com Goldman Sachs & Co. LLC

increase. Adjusted for seasonality, economic activity rose by a slightly firmer 0.9% Santiago Tellez

yoy sa as activity in the month was affected from one fewer workday compared to +1(212)855-0367 |

santiago.tellez@gs.com

2025. Sequentially, real GDP declined by 0.5% mom sa extending the soft Goldman Sachs & Co. LLC

performance seen in the prior month (-1.5% mom sa).

Growth has been choppy so far this year. That said, the performance of the economy

has generally softened in the second quarter and after weaker-than-expected

growth prints in April and May, we have marked our 2026 growth forecast back down

by 0.3pp to 2.7%, the same figure we projected ahead of the first quarter real GDP

growth beat.

DETAILS:

1. Real GDP, as measured by the EMAE monthly activity indicator, increased 0.2%

year over year in May. Adjusted for seasonal factors, activity rose by 0.9% yoy sa.

Sequentially, real GDP declined by 0.5% mom sa.

2. Agriculture and livestock (4.6% yoy; +0.6pp contribution) and mining (15.7% yoy;

+0.6pp contribution) and were the sectors with the most significant positive

contributions to growth. The performance of the utilities sector (+80% yoy;

+0.1pp contribution) also registered a large positive variation. Fishing activity, in

turn, declined by a large 29.3% yoy in May (-0.1pp contribution), manufacturing