In July, the GDP monthly proxy, the Global Indicator of Economic Activity (IGAE) fell -1.1% year-over-year, down from the previous 1.4% y/y (chart 1). By sector, primary activities saw the sharpest decline, dropping -12.3% from 4.6% previously, due to a collapse in agriculture. Industrial activities contracted for the fourth consecutive month, now at -2.7% from -0.4%, with widespread declines, notably in construction (-3.5%) and manufacturing (-1.9%). Meanwhile, services moderated from 2.1% to 0.4% real annual growth, with a 4.3% increase in retail trade contrasting with a -6.6% drop in wholesale trade. Other ... (full story)