Private Consumption in Argentina
Over the past decade, Argentina's economy recorded an average growth rate of 0.6% in private consumption, below the 1.8% average for Latin America. In 2022, private consumption growth was 9.7%. For more private consumption information, visit our dedicated page.
Argentina Private consumption Chart
Note: This chart displays Private Consumption (annual variation in %) for Argentina from 2021 to 2024.
Source: Macrobond.
Argentina Private consumption Data
2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|
Private Consumption (ann. var. %) | -12.2 | 9.5 | 9.4 | 1.0 | -4.2 |
GDP growth slows in Q4 but remains upbeat
GDP reading: GDP growth slowed to 1.4% on a seasonally adjusted quarter on quarter basis in the fourth quarter, from 4.3% in the third quarter. A slowdown was always going to happen given the unsustainably fast Q3 growth figure, but Q4’s reading was still elevated by historical standards. Lower inflation and interest rates plus liberalizing reforms boosted the economy. On an annual basis, economic activity rebounded 2.1% in Q4, contrasting the previous period's 2.0% fall and marking the best result since Q3 2022.
Drivers: Private consumption increased 3.2% quarter on quarter in Q4, which was below the third quarter's 4.4% expansion. Public consumption growth moderated to 0.8% in Q4 (Q3: +1.7% s.a. qoq). Meanwhile, fixed investment growth accelerated to 11.3% in Q4, following the 10.3% expansion recorded in the previous quarter. On the external front, exports of goods and services growth improved to 7.7% in Q4 (Q3: +3.5% s.a. qoq). In addition, imports of goods and services growth sped up to 12.9% in Q4 (Q3: +9.7% s.a. qoq).
Panelist insight: Goldman Sachs’ Sergio Armella commented on past performance and the outlook: “A significant fiscal adjustment, tight capital, financial and FX controls, an upward adjustment of lagging regulated prices, and a spike in inflation, were all drags on growth in 2024, particularly during the first half of the year. Were it not for a much better harvest relative to 2023, the adjustment this year would have likely been deeper. That said, the economy had a strong recovery in the second half of the year, and we expect the positive growth momentum to continue in the quarters ahead.” Itaú Unibanco analysts said: “We forecast 2025 GDP growth at 4.5%, with upside risks due to a high carryover and the expected improvement of demand-side components. On the demand side, the recovery in real wages and lower borrowing rates are likely to support private consumption.”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Argentine private consumption projections for the next ten years from a panel of 30 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable private consumption forecast available for Argentine private consumption.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Argentine private consumption projections.
Want to get access to the full dataset of Argentine private consumption forecasts? Send an email to info@focus-economics.com.
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