The Gross Domestic Product (GDP) grew 6% during the first quarter in relation to the same period of the previous year and marked an increase of 0.9% compared to the fourth quarter of 2021, reported the National Institute of Statistics and Censuses (Indec) .
With these numbers, we calculate that the economy will end the year with growth of at least 4.2%estimated sources from the Ministry of Economy, after the INDEC released the figures.
The report released this Friday by the Indec also corrected the growth figure for last year, which instead of 10.3% went to 10.4%.
In the year-on-year comparison, Investment once again led growththis time with a rise of 12.7% year-on-year, thus accumulating six quarters with double-digit increases.
#DatoINDEC
The gross domestic product (#GDP) grew 6% year-on-year in the 1st quarter of 2022 https://t.co/MPYyaygMts pic.twitter.com/SGhjvlsFxF— INDEC Argentina (@INDECArgentina) June 23, 2022
Gross fixed capital formation, according to preliminary estimates, experienced a 12.7% rise in the first quarter compared to the same period of the previous year.
This increase in gross fixed capital formation responded to a growth of 0.7% in investment in construction, an increase of 8.9% in the item “other construction”, 26.1% in machinery and equipment; and a 6.9% improvement in transportation equipment.
Within machinery and equipment, the national component rose 11.4% and the imported component was 34.8%.
The 6% year-on-year increase in GDP was not homogeneous among the different items that comprise it.
At the extremes, Agriculture, Livestock and Fishing fell 0.1%, while the exploitation of mines and quarries marked an increase of 13.4%.
Also with positive figures, the manufacturing industry registered an increase in the level of activity of 4.9% in the first quarter of 2022; and the distribution of electricity, gas and water grew 5.1%.
For its part, the construction activity had an increase of 3% and the wholesale, retail and repairs sector marked an improvement of 5.7% year-on-year.
The category that grew the most in terms of activity in the first quarter was “hotels and restaurants”with an increase of 33.6%, due to the fact that it compares with the summer months of 2021, when the incipient exit of the first wave of coronavirus and new restrictions due to the appearance of a second wave occurred.
From Economy they pointed out that in this last item the “level of increase will tend to normalize with the passing of the months and the situation of the pandemic.”
Also with a positive trend, the transport, storage and communications sector had a rise of 12.2%while the financial intermediation activity had an increase of 1.3% compared to the same period of the previous year.
Meanwhile, real estate, business and rental activities experienced a rise of 5% and the education sector showed an increase of 4.9%.
The Indec also specified that social and health services had an increase of 2.8%, while “other activities of community, social and personal services” grew 7.8%.
Finally, in the comparison of the first quarter of this year with the last of 2021, the 3.3% rise in the Investment category stood out; 3.2% in Private Consumption; and 0.7% in Public Consumption.
While Imports expanded 7.6%, while Exports fell 2.3% quarterly.
