Argentina: Economic activity slows in February
April 22, 2014
In February, economic activity expanded 1.3% over the same month of the previous year, which was just below the 1.4% recorded in January. The reading is based on a new calculation methodology-adopted by the national statistical institute in March in response to a request of the International Monetary Fund (IMF)-that shifts the base year of calculation from 1993 to 2004. On a monthly basis, economic activity was flat over the previous month, which represented an improvement compared to January's 0.4% contraction. New figures bring official estimates closer to the independent estimates that local private analysts produce, which have traditionally pointed to lower growth than official sources. That said, a discrepancy between official and non-official figures still exists. LatinFocus Consensus Forecast panelists expect official GDP to experience flat growth this year, which is unchanged from last month's forecast. For 2015, participants expect official GDP to grow 1.1%. Additionally, LatinFocus panelists expect non-official GDP to contract 1.3% in 2014 and to expand a meager 0.9% in 2015.
Author: Armando Ciccarelli, Head of Data Solutions