GDP grew 6.9% in the second quarter of the year

GDP grew 6.9% in the second quarter of the year

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The Gross Domestic Product (GDP) grew 6.9% during the second quarter, compared to the same period in 2021, and thus reached its sixth consecutive rise, reported the National Institute of Statistics and Censuses (Indec).

In addition, the economic activity between April and June of this year was 1% above that of the previous quarter (January-March) and accumulated growth of 6.5% in the first six months of the year, specified the Indec.

In the Ministry of Economy they estimated that the GDP will grow 4% this year, to increase 2% next year, as stated in the draft Budget Law for 2023 sent to the National Congress.

Indec pointed out that the macroeconomic evolution of the second quarter determined, according to preliminary estimates, a variation in global supply, measured at constant 2004 prices, of 9.9% compared to April-June 2021.

In global demand, an increase of 18.8% was observed in gross fixed capital formation, private consumption grew 10.7%, exports of real goods and services registered a rise of 9.3% and public consumption 5 ,3%.

The 18.8% rise in gross fixed capital formation was due to a 10.1% growth in investment in construction, a 15% increase in “other constructions”, linked to mining and oil, to a growth of 27.4% in machinery and equipment and 14.1% in transportation equipment.

Within machinery and equipment, the national component rose 19.3% and the imported component, 33.7%; in transportation equipment, this rise -according to origin- was 14.1% and 14.2%, respectively.

Measured by sectors, the added value of the agriculture and livestock sector decreased 5.2% in the second quarter compared to April-June 2021.

Meanwhile, the fishing sector showed an interannual increase of 24.1%.

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The Exploitation of mines and quarries item rose 15.5%, strongly influenced by higher oil production.

The manufacturing industry registered an increase in the level of activity of 7.7%, while the activity of Construction had a growth of 9.9% in the second quarter.

The distribution of electricity, gas and water grew 4.9% in year-on-year terms, while Wholesale, retail and repair trade grew 9.7%.

The hotels and restaurants sector registered an increase of 53.9%, leading the level of increases at a nominal level, while Transportation, storage and communications rose 11.5%.

During the second quarter of 2022, the financial intermediation activity had an increase of 2% compared to the same period of the previous year.

The Real estate, business and rental activities sector rose 6.4%.

Meanwhile, the public administration and defense sector; compulsory affiliation social security plans showed a growth of 10.2%.

For its part, the education sector showed an increase of 6.1% and Social and Health Services had a rise of 1%.

Finally, the Other community, social and personal service activities sector grew 8.6%, while Private households with domestic service registered a 9.9% rise

In seasonally adjusted terms, with respect to the first quarter of 2022, imports grew 2.9%, private consumption registered an increase of 1.8%, public consumption 0.2%, exports grew 3.5% and gross formation of fixed capital had an increase of 7.8%.

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