Argentina GDP Q1 2022


Argentina: GDP growth records slowest increase since Q1 2021 in Q1

June 27, 2022

GDP growth lost momentum in the first quarter, falling to 6.0% year-on-year (yoy), from 8.9% in the fourth quarter of last year. Q1's reading was the worst since Q1 2021.

The slowdown was broadly based, with private consumption, public spending, fixed investment and exports all weakening. Private consumption growth fell to 9.3% in Q1, marking the weakest expansion since Q1 2021 (Q4 2021: +10.0% yoy). Public consumption grew at its slowest pace since Q3 2020, expanding 6.5% (Q4 2021: +11.8% yoy). Meanwhile, fixed investment growth fell to 12.7% in Q1, marking the worst reading since Q3 2020 (Q4 2021: +14.7% yoy).

On the external front, growth in exports of goods and services growth fell to 9.3% in Q1, marking the worst result since Q2 2021 (Q4 2021: +22.5% yoy). Conversely, imports of goods and services growth picked up to 28.1% in Q1 (Q4 2021: +22.1% yoy).

On a seasonally-adjusted quarter-on-quarter basis, economic growth slowed markedly to 0.9% in Q1, from the previous period's 1.9% expansion. This marked the worst reading since Q2 2021.

FocusEconomics analysts see the economy expanding 2.6% in 2022, up 0.2 percentage points from the previous month’s forecast. In 2023, analysts see growth at 1.9%.

Author: Massimo Bassetti, Senior Economist

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Argentina GDP Chart

Argentina GDP Q4  2021

Note: Year-on-year changes of GDP in%.
Source: Argentina National Statistical Institute (INDEC) and LatinFocus Consensus Forecast.

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