The Argentine economy recorded the highest level of job creation for a semester in the private sector in a decade, with 119,000 people who became wage earners between September 2021 and February 2022according to the latest report from the Center for Production Studies (CEPXXI), of the Ministry of Productive Development.
It’s about a average of almost 20,000 new jobs registered monthly in that period, with a rate of recovery not seen since 2011.
Along these lines, the CEPXXI report assured that the Argentine economy “began the year with a marked recovery in formal employment in the private sector, underpinned by the intense productive reactivation of 2021 and the first months of 2022.”
In this sense, he explained that “to the early reactivation of industrial and software employment, which exceeded pre-pandemic figures already in 2020, the rebound in sectors such as construction, oil, mining, commerce and hotels has been added in recent months. and restaurants, among others.
“In addition to the early reactivation of industrial and software employment, which exceeded pre-pandemic figures in 2020, the rebound in sectors such as construction, oil, mining, commerce, and hotels and restaurants, among others, has been added in recent months”CEPXXI report
In this way, in February 2022, the federal productive reactivation caused “20 of 24 provinces to have more formal employment in companies than before the pandemic, with Formosa standing out on the podium (+9.6% between February 2022 and February of 2020), Chaco (+8.2%) and Catamarca (+7.9%)”.
In the case of the industrial sector, employment registered a “very positive behavior in almost the entire country, with 21 of 24 provinces with the most manufacturing employment than at the dawn of the pandemic.
In addition, the data in the report shows that “February 2022 registered the highest production levels for that month since 2016, and almost 67,000 more industrial jobs were registered in the month than in February 2020.”
Also, the report highlighted that “Argentine industrial recovery continues to stand out in international comparisons”and detailed that “of a sample of 12 countries, the growth of March 2022 compared to March 2019 (+15.4%) places Argentina as the country that increased its industrial production the most after China (+18.5 %)”.
“The sample is made up of other large economies such as the United States (+3.1%), Germany (-3.7%), Japan (-3.6%) and regional trading partners such as Chile (+8.4%) and Brazil (+4.5%). And of 11 sectors, in 10 Argentina registered better performances than the average of the sample”, specified the CEPXXI, which maintained that “the sectors that stand out in the international comparison are those with a strong presence of metalworking (such as machinery and equipment, automotive and other transport equipment) and also textiles, clothing and leather, which in the country produced 21.8% more than in 2019 and in the average of the countries it shows it is still below of pre-pandemic levels”.
Meanwhile, with regard to the exportsthey recorded the highest levels in history for a month of March With a positive trade balance of US$ 279 million, foreign sales of fuels and energy increased 118.1% and those of industrial manufactures 32.3%, year-on-year, the survey indicated.
Thus, in March “US$ 626 million were exported in fuel and energy, US$ 339 million more than March 2021 and US$ 338 million more than in the same month of 2019, and the exported value of the best for a month of March since 2011”.
“The year-on-year rise is mainly explained by foreign sales of crude oil (US$ +233 million year-on-year) and fuels (US$ +58 million), and primary products recorded exports of US$ 2,106 million, US$ 567 million more than a year ago and US$ 758 million more than in February 2019 “, specified the CEPXXI.
He also explained that “both prices (+21.6%) and quantities (+12.2%) increased and the year-on-year dynamism was mainly due to higher sales of cereals (US$ +624 million), followed by fresh fruits (US$ +12 million)”.
