---
source: Instituto Nacional de Estadística y Censos (INDEC)
url: https://www.indec.gob.ar/ftp/cuadros/economia/sh_emae_mensual_base2004.xls
document_type: xls
date_retrieved: 2026-04-22T20:00:00Z
period: February 2026
parent_publication: Estimador mensual de actividad económica (EMAE)
indicators_covered: ["Monthly GDP YoY (original series)", "Monthly GDP MoM (seasonally adjusted series)"]
---

# Estimador mensual de actividad económica (EMAE) — February 2026

**Source:** Instituto Nacional de Estadística y Censos (INDEC)  
**Release date:** 22 April 2026  
**Reference period:** February 2026  
**File:** `sh_emae_mensual_base2004.xls` (last updated 21 Apr 2026 20:28 UTC)  
**Direct URL:** https://www.indec.gob.ar/ftp/cuadros/economia/sh_emae_mensual_base2004.xls

## Document summary

- **Workbook:** Single worksheet named `EMAE`
- **Columns:**
  - Año (year)
  - Mes (month)
  - Índice Serie Original (base 2004=100)
  - Var % respecto a igual período del año anterior (YoY, original series)
  - Índice Serie Desestacionalizada (base 2004=100)
  - Var % respecto al mes anterior (MoM, seasonally adjusted)
  - Índice Tendencia-Ciclo (base 2004=100)
  - Var % respecto al mes anterior (Tendencia-Ciclo)
- **Coverage:** January 2004 – February 2026 (latest)
- **Total observations:** 266 monthly observations
- **Data frequency:** Monthly, not seasonally adjusted (original) and seasonally adjusted (desestacionalizada) series provided

## Latest data point — February 2026

| Year | Month | Index (Original) | YoY % (Original) | Index (SA) | MoM % (SA) |
|------|-------|------------------|------------------|-------------|-------------|
| 2026 | Febrero | 138.20 | **-2.12%** | 151.68 | -2.58% |

February 2026 economic activity (original series) contracted **2.1% year-over-year**, compared with +1.7% in January 2026. The seasonally adjusted month-on-month change was **-2.6%**, indicating a sharp monthly slowdown.

## Recent trend (last 6 months)

| Month | YoY % (Original) | MoM % (SA) |
|-------|------------------|-------------|
| Sep 2025 | +4.83% | +0.63% |
| Oct 2025 | +3.09% | -0.53% |
| Nov 2025 | -0.25% | -0.11% |
| Dec 2025 | +3.33% | +1.72% |
| Jan 2026 | +1.70% | +0.35% |
| **Feb 2026** | **-2.12%** | **-2.58%** |

The February decline breaks a three-month streak of positive year-over-year growth and marks the sharpest monthly contraction since early 2025.

## Full row data for reference period

**February 2026 (exact values from EMAE sheet):**
- Índice Serie Original: 138.2039
- Var % interanual: -2.1234%
- Índice Serie Desestacionalizada: 151.6824
- Var % mensual (SA): -2.5835%

All values extracted directly from INDEC's official EMAE dataset, version dated 21 April 2026.