Argentina: Small pick-up in GDP in third quarter
December 21, 2012
In the third quarter, GDP growth rose 0.7% over the same period the previous year, marking a slight acceleration compared to the flat growth recorded in the second quarter.
The improvement was driven by a rebound in domestic demand, which compensated for a deterioration in the external sector compared to the previous quarter. Total consumption added 2.7% over the same quarter of the previous year, which was below the 4.6% increase recorded in Q2. Meanwhile, gross fixed investment fell 3.5% in Q3, which, nonetheless, represented a strong improvement over the 15.0% drop seen in Q2.
Exports of goods and services dropped 7.1% (Q2: -9.5% year-on-year), while imports contracted 5.8% (Q2: -14.0% yoy). As a result, the external sector's net contribution to overall growth fell from plus 0.8 percentage points in Q2 to zero in Q3.
A quarter-on-quarter analysis corroborates the acceleration suggested by the annual figures, as GDP rose 0.6% over the previous quarter in seasonally adjusted terms, which contrasted the 0.9% drop registered in the second quarter.
Author: Armando Ciccarelli, Head of Data Solutions