Saturday, January 28, 2023

Argentina’s economy contracted 0.7% in November 2022

Argentina’s economic activity registered a contraction of 0.7% last November compared to last October, official sources reported on Tuesday.

The data released by the National Institute of Statistics and Censuses (Indec), which serves as a provisional advance to measure the quarterly variation of the gross domestic product (GDP), confirms the stagnation of economic activity, which in October had recorded a monthly decline of 0.5%

On the other hand, the report indicates that economic activity grew 2.6% last November compared to the same month in 2021, the twenty-first consecutive year-on-year rise.

All in all, the year-on-year rise experienced in November denotes a progressive deceleration with respect to the year-on-year growth rate that had been registered in September (4.9%) and last October (4.5%).

Meanwhile, accumulated economic growth in the first 11 months of the year was 5.9%.

The INDEC data reveal that, of 16 activities included in the indicator, 13 productive sectors posted year-on-year improvements in the eleventh month of the year.

The sectors that increased the most were hotels and restaurants (22.1%) and mining (9.5%).

The commerce sector (3.5%) was the one with the highest incidence in the interannual variation of the economic activity indicator, followed by real estate, business and rental activities (3.6%).

For its part, the fishing sector (-16.8%) was the one that registered the greatest drop in the interannual comparison.

After three years of a severe recession aggravated by the covid-19 pandemic, Argentina’s economy managed to recover 10.3% in 2021.

The 2023 Budget included a guideline for economic growth of 4% for 2022, although the Government estimates that the economy grew around 5% last year.

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