Economic activity grew 4.8% during March in relation to the same month last year, the National Institute of Statistics and Censuses (INDEC) reported on Thursday.
With the rise of 4.8% in March, the indicator adds thirteen consecutive months of year-on-year increases.
in what regards february In the past, the Monthly Estimator of Economic Activity (EMAE) -which brings together several components that make up the GDP- marked a drop of 0.7%.
From the Ministry of Economy -after the INDEC released the figures- they highlighted that “the economic activity exceeds for the ninth month consecutive the pre-covid level of February 2020” with an increase of 5.1%, “and it is located only 3.3% from the maximum of November 2017.”
With these data, the first quarter of the year closed with a growth in economic activity of 1% compared to the October-December quarter of last year.
By sector, in March all items that make up the indicator grew year-on-year with the exception of agricultural activity, which fell 5.5%.
In March growth again was led by hotels and restaurantswith an expansion of 33.1% year-on-year.
with rates of double digit growth the items were locatedtransport and communications, which grew 12.7%; and Mines and quarries, with an increase of 12.1% year-on-year.
also grew Commerce, 4.8%; Industry, 3.6%; Construction, 2.3%; and the collection of taxes, 6.6% year-on-year.
Compared to March 2019, the month in which the first wave of the coronavirus pandemic began, nine of a total of 15 sectors grew, with falls in Agro, Fishing, Hotels and restaurants, Transport and communications, Health and Other service activities .
While, Compared to March 2018, during the third month of 2022 six sectors grew.
Based on the projections recorded in the latest Survey of Market Expectations of the Central Bank, GDP would grow 3.5% this year based on market forecasts, essentially due to a statistical drag after the 10% improvement recorded in 2021.
The International Monetary Fund (IMF) and the Ministry of Economyfor their part, estimated that the economy will grow this year 4%.
The Minister of Economy, Martín Guzmánstressed that “Argentina grew 10.3% in 2021Y will grow again in 2022″, by participating last week in the event ‘Let’s Build a Sustainable Country’ organized by the United States Chamber of Commerce in Argentina (AmCham).
“It is important that the growth we are experiencing occurs with the accumulation of reserves and that in 2023 we find ourselves with an economy with conditions on the external front in order to continue sustaining growth. The economy does not work in a vacuum; it works in a context of of power, institutions, norms, laws. We must understand that the social political situation is key to the performance of an economy because it has a direct impact on expectations,” stressed the head of the Treasury Palace.
For its part, the Minister of Productive Development, Matías Kulfas, expressed his confidence that the level of economic activity will be located this year “above 4% and the industry will grow between 5% and 6%”.
In statements made to the press at the beginning of May, Kulfas said that inflation “is one of the most important concerns that we have in the Government” and that with a large part of the opposition “there is a difference in diagnosis”, because ” many sectors are underestimating the policy” that is being carried out and consider that the improvement will only be due to a statistical rebound.
#DatoINDEC
Economic activity grew 4.8% year-on-year in March 2022 and fell 0.7% compared to February. It accumulated a rise of 6.1% in the first quarter https://t.co/ICKWOg1vhU pic.twitter.com/4lvdgSTr2e— INDEC Argentina (@INDECArgentina) May 19, 2022
