Friday, June 2, 2023

The Argentine economy advanced 0.3% in January

The economic activity in Argentina experienced an advance of barely 0.3% last January compared to last December, after four consecutive months of contraction, official sources reported on Wednesday.

The data released by the National Institute of Statistics and Censuses (Indec), serves as a provisional advance to measure the quarterly variation of the gross domestic product (GDP), evidence that, despite the progress, the performance is very meager and supports the scenario of stagnation observed by private consultants.

The report indicates that in January economic activity rose 2.9% compared to the same month in 2022, after falling 1% year-on-year in December.

The INDEC data reveals that, of 16 activities included in the indicator, 14 productive sectors showed year-on-year improvements in the first month of the year, among which fishing (81.2%), mining (11.5%) and hotels stood out. and restaurants (8.6%).

The manufacturing industry sector (7.1% year-on-year) was the one with the highest positive incidence in the year-on-year variation of economic activity, followed by commerce (5.2%).

Argentina’s GDP accumulated an advance of 5.2% last year, well below the rebound of 10.4% in 2021.

For this year, the growth guideline included in the Budget is 2%, but the private economists that the Argentine Central Bank consults monthly for its expectations report predict that in 2023 the Argentine economy will have zero progress (0%).


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