The Gross Domestic Product (GDP) grew 5.9% during the third quarter compared to the same period in 2021 and was 1.7% higher than in the second quarter of 2032 in seasonally adjusted terms, the National Institute of Statistics and Censuses reported this Thursday. (Indec).
Compared to last year, the sectors that performed best this quarter were “Manufacturing industry”, which grew 6.4% and contributed 1.12 percentage points to the increase in GDP; “Wholesale and retail trade and repairs”, which grew 7.3% and contributed almost 1 percentage point; “Exploitation of mines and quarries” (+14.4% and 0.45 pp); Hotels and restaurants (+37.3% and +0.40 pp); “Real estate, business and rental activities” (+5.8% and +0.65 pp); and “Transport and communications” (+8.3% and +0.61 pp), among other sectors.
The Ministry of Economy estimated that GDP will grow 4% this yearto increase 2% in the next one, as stated in the Budget Bill for 2023, sent to Congress.
INDEC reported that the macroeconomic evolution of the third quarter of 2022 determined, according to preliminary estimates, a 9% variation in global supply, measured at 2004 prices, compared to the same period of the previous year, due to to a growth of 5.9% of the GDP and to the variation of 21.0% in imports of real goods and services.
In global demand, an increase of 14.0% was observed in the gross formation of fixed capital, private consumption grew 10.2%, exports of real goods and services registered a decrease of 4.6% and public consumption decreased 0.1%.
In seasonally adjusted terms, with respect to the second quarter of 2022, imports grew 2%, private consumption registered an increase of 1.4%, public consumption decreased 1.7%, exports fell 3.7% and gross formation of fixed capital had a decrease of 0.8%.