Domestic Demand in Argentina
Argentina - Domestic Demand
Economy grows strongly in Q2 on low base effect
GDP growth gathered significant momentum in the second quarter, accelerating to 17.9% year-on-year from 2.9% in the first quarter, benefiting from a favorable base effect.
The upturn mainly reflected a marked improvement in domestic demand. Private consumption rebounded, growing 21.9% year-on-year in Q2 following a 1.7% contraction in Q1. Government consumption also bounced back, growing 8.2% in Q2 (Q1: -0.1% yoy). Fixed investment growth, meanwhile, sped up to 76.6% in Q2 from 38.7% in the prior quarter, driven by the construction sector.
On the external front, exports of goods and services bounced back, growing 6.3% year-on-year in the second quarter (Q1: -9.9% yoy). Meanwhile, growth in imports of goods and services sped up to 36.6% in Q2 (Q1: +4.9% yoy), marking the best reading since Q3 2010.
On a seasonally-adjusted quarter-on-quarter basis, however, economic activity declined 1.4% in Q2, contrasting the previous period's 2.8% expansion, amid stricter Covid-19 restrictions.
LatinFocus Consensus panelists see the economy growing 4.7% in 2021, which is up 0.2 percentage points from last month’s estimate, and 2.6% in 2022, which is up 0.1 percentage points from last month’s estimate.
Argentina - Domestic Demand Data
|Domestic Demand (annual variation in %)||4.2||-1.6||6.0||-3.4||-8.7|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||6.69||0.15 %||Dec 17|
|Exchange Rate||59.88||0.45 %||Dec 30|
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December 1, 2021
The Universidad Torcuato di Tella (UTDT) consumer confidence index dipped to 39.7 in November from 40.2 in October, marking the weakest reading in four months.
November 24, 2021
Merchandise exports increased 46.5% over the same month last year in October, following September’s 60.1% jump.
November 24, 2021
The monthly indicator for economic activity (EMAE) grew 11.6% year-on-year in September (August: +12.8% yoy).
November 12, 2021
Consumer prices increased 3.52% over the previous month in October, slowing down from September's 3.55% increase.
November 10, 2021
Industrial production expanded 10.1% year-on-year in September (August: +13.8% yoy).