GDP in Argentina
Argentina - GDP
GDP growth moderates in Q3 on fading base effect
Economic growth lost steam in the third quarter, with GDP expanding 11.9% on an annual basis (Q2: +17.9% year-on-year).
Household spending increased 12.1% in the third quarter, which was below the second quarter's 20.4% expansion. Meanwhile, fixed investment growth fell to 21.2% in Q3, marking the worst reading since Q4 2020 (Q2: +77.4% yoy). Public spending, meanwhile, grew at the fastest pace in over a decade, expanding 11.5% (Q2: +8.9% yoy).
Growth in exports of goods and services improved to 18.8% year-on-year in the third quarter (Q2: +6.3% yoy). Conversely, growth in imports of goods and services moderated to 26.2% in Q3 (Q2: +36.8% yoy).
On a seasonally-adjusted quarter-on-quarter basis, economic growth improved to 4.1% in Q3, contrasting the previous period's 0.9% contraction. Q3's reading marked the strongest expansion since Q4 2020.
Sergio Armella, economist at Goldman Sachs, remains fairly positive on the outlook for 2021 overall:
“New Covid infections have been low since September and more than 80% of the population has now received at least one vaccine dose (close to 70% are fully vaccinated) which should provide a favorable environment for activity going forward. Overall, we expect GDP growth to reach 9.9% in 2021 vs -9.9% in 2020.”
LatinFocus Consensus panelists see the economy growing 2.8% in 2022, which is up 0.2 percentage points from last month’s estimate, and 2.2% in 2023.
Argentina - GDP Data
|Economic Growth (GDP, annual variation in %)||2.7||-2.1||2.7||-2.5||-2.2|
5 years of economic forecasts for more than 30 economic indicators.
Argentina GDP Chart
Source: National Statistical Institute (INDEC) and FocusEconomics calculations.
|Bond Yield||6.69||0.15 %||Dec 17|
|Exchange Rate||59.88||0.45 %||Dec 30|
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January 21, 2022
Merchandise exports jumped 85.9% over the same month last year in December, following November’s 37.6% increase.
January 14, 2022
Consumer prices rose 3.84% from the previous month in December, coming in above the 2.53% rise recorded in November.
January 7, 2022
Industrial production expanded 10.1% year-on-year in November (October: +4.4% yoy).
January 3, 2022
The Universidad Torcuato di Tella (UTDT) consumer confidence index dropped to 37.8 in December from 39.7 in November, marking the weakest reading in five months.
January 3, 2022
The monthly indicator for economic activity (EMAE) grew 6.7% year-on-year in October (September: +11.4% yoy).