Monday March 23 2015
Argentina's Economy Expands 0.4% in Q4
INDEC | carolina.cunha @tradingeconomics.com

Argentine GDP grew 0.4 percent in the fourth quarter of 2014 compared to the same quarter of the previous year, bringing the full year expansion to 0.5 percent. Figures for the three months to September of 2014 were revised, showing a stagnation.

In the last three months of 2014, exports fell by 11.9 percent year-on-year hurt by lower international prices of commodities and weaker demand in Brazil. Imports decreased by 11.5 percent as the countries’ authorities restricted the amount of dollars available to businesses. Gross fixed capital formation dropped by 9.7 percent and private consumption contracted by 1.2 percent. In contrast, government expenditure rose by 3.8 percent in the fourth quarter of 2014.

On the production side, financial activities advanced by 5 percent; agricultural production increased by 4.9 percent and activities in hotels and restaurants rose by 2.7 percent. The mining sector expanded by 2.1 percent while construction grew by 1.3 percent. Meanwhile, retail sales dropped the most (-4 percent), followed by manufacturing (-1.9 percent), real estate (-0.8 percent) and transport (-0.2 percent).  

In 2014, exports fell by 8.1 percent while imports decreased by 12.6 percent. Gross fixed capital formation contracted by 5.8 percent and private consumption went down 0.5 percent. Goverment expenditure rose by 2.8 percent.  

On a quarter-on-quarter basis, gross domestic product was flat compared to a 0.5 percent contraction reported in the previous three month period. 





Monday December 29 2014
Argentine Economy Contracts 0.8% in Q3
Carolina Cunha | carolina.cunha@tradingeconomics.com

Argentina’s GDP shrank 0.8 percent in the third quarter of 2014 compared to the same period a year earlier hurt by fall in exports, investments and private consumption.

Year-on-year, exports fell by 8.4 percent and imports dropped by 15.2 percent, preliminary estimates showed. Gross fixed capital formation decreased by 4.7 percent and private consumption shrank by 1.4 percent. In contrast, government expenditure rose 1 percent. 

On the production side, financial activities rose 10.6 percent; agricultural production advanced 4.1 percent and activities in hotels and restaurants increased 0.8 percent. The mining sector expanded by 1.8 percent and construction by 0.6 percent. Meanwhile, wholesale and retail trade droped by 4 percent and manufacturing by 2.4 percent.

On a quarter-on-quarter seasonally adjusted basis, the economy advanced 0.5 percent. 


Thursday September 25 2014
Argentina GDP Growth Stalls in Q2
Joana Taborda | joana.taborda@tradingeconomics.com

Argentina’s economy stagnated in the second quarter of 2014 compared to the same period a year earlier. Figures for the first three months of 2014 were revised to a 0.3 percent expansion from a 0.2 percent contraction.

Preliminary estimates showed government consumption rose 4.2 percent year-on-year in the second quarter of 2014. In contrast, imports shrank the most (-10.5 percent), followed by exports (-7.4 percent), investment (-3.7 percent) and private consumption (-2.5 percent).

On the production side, financial activities rose 11.2 percent; agricultural production advanced 4.2 percent and activities in hotels and restaurants increased 3.9 percent. The mining sector expanded 2.3 percent. Meanwhile, wholesale and retail trade recorded the highest drop (-4.2 percent), followed by construction (-2.3 percent) and manufacturing (-2 percent).

On a quarter-on-quarter seasonally adjusted basis, the economy advanced 0.9 percent in the three months to June, following a revised 0.5 percent contraction in the previous two quarters.


Tuesday June 24 2014
Argentina GDP Contracts 0.2% in Q1
Joana Taborda | joana.taborda@tradingeconomics.com

Argentina’s economy shrank 0.2 percent year-on-year in the first three months of 2014, following a 1.4 percent expansion in the previous quarter. It is the first contraction in nearly two years, as exports, imports and consumption slipped.

Preliminary estimates showed exports fell for the third consecutive quarter by 6.4 percent yoy and imports contracted 3.8 percent. Private consumption decreased 1.2 percent. In contrast, gross fixed capital formation rose 1.9 percent and government expenditure increased 3.4 percent.

On the production side, agriculture output fell sharply by 7.3 percent yoy; wholesale and retail trade decreased 3.1 percent; construction shrank 2.1 percent and manufacturing contracted 0.8 percent. Only financial activities accelerated slightly and grew 16.5 percent (16.4 percent in the last quarter of 2013). 

On a quarter-on-quarter seasonally adjusted basis, the economy contracted for the second consecutive period by 0.8 percent, following a revised 0.5 percent fall in the last three months of 2013.


Monday May 12 2014
Argentina GDP Growth Slows to 1.4% in Q4
Joana Taborda | joana.taborda@tradingeconomics.com

Argentina’s economic growth decelerated for the second consecutive quarter to 1.4 percent yoy in the last three months of 2013, hurt by a sharp fall in exports. It is the slowest expansion in more than two years.

On the production side, retail trade shrank by an annual 1.7 percent in the last three months of 2013, while mining and manufacturing fell by 0.7 percent and 0.5 percent respectively. In contrast, financial intermediation activities rose 18.4 percent year-on-year and fishing advanced 24.3 percent. 

On the expenditure side, exports fell sharply by 12.9 percent year-on-year, while imports contracted at a slower 3.9 percent and private consumption dropped 0.2 percent. Government consumption expanded at a faster 9.8 percent. 

On a quarter-on-quarter seasonally adjusted basis, Argentine GDP contracted 0.4 percent in the last three months of 2013 after expanding 1.0 percent in the previous quarter, as exports fell 7.0 percent, outweighing a 3.5 percent drop in imports. 

Considering full 2013, the economy advanced 3 percent, up from a 0.9 percent expansion in 2012. The national statistics agency changed the base year for GDP calculations to 2004 from 1993, following last year’s critics by the IMF for misreporting economic data.


Monday December 23 2013
Argentina GDP Growth Slows in Q3
Joana Taborda | joana.taborda@tradingeconomics.com

In the third quarter of 2013, Argentina’s economic growth slowed to 5.5 percent year-on-year, down from 8.3 percent in the previous three-monh period, the highest growth rate in a year-and-a-half.

On the production side, financial services recorded the highest annual growth rate (21.3 percent), followed by fishing (17.7 percent) and trade (6.8 percent).
Transport and communication grew 6.7 percent on the year and manufacturing recorded the highest annual growth rate in eight quarters (5.7 percent).

Agricultural production slowed to 5.3 percent after surging 26.8 percent in the previous quarter. In contrast, construction accelerated to 4.0 percent (2.2 percent in the previous quarter). Mining shrank for the third straight quarter (-0.7 percent yoy).

On the expenditure side, only construction investment accelerated in the third quarter (5.9 percent yoy from 4.8 percent in the June quarter). Private consumption eased to 8.3 percent (9.2 percent in the preceding quarter) and public expenditure slowed to 8.3 percent from 8.6 percent in the second quarter. Exports decelerated to 2.6 percent yoy.

Quarter-on-quarter, the economy contracted 0.2 percent in the third quarter, the first contraction in six quarters.

During the first three quarters of 2013, the economy grew 5.7 percent year-on-year.


Wednesday November 20 2013
Argentina’s Unemployment Rate Down to 6.8% in Q3
Krisztina Györffy | krisztina@tradingeconomics.com

In the third quarter of 2013, Argentina’s jobless rate decreased to 6.8 percent, down from 7.2 percent in the previous quarter.

In the September quarter, the number of unemployed people decreased to 804 thousand, from 858 thousand in the preceding three-month period. While the highest jobless rate was recorded in Pampeana (7.6 percent, from 8.5 percent in the previous quarter), unemployment in Great Buenos Aires area decreased to 7.4 percent, down from 7.6 percent.

The number of people employed slightly decreased and amounted to 10978 people. The employment rate fell to 42.9 percent, down from 43.1 percent in the second quarter of 2013. The number of people working less than 35 hours per week decreased 1.03 million persons, from 1.15 million in the previous quarter.




Monday September 23 2013
Argentina's GDP Expands 8.3% YoY in Q2
Krisztina Györffy | krisztina@tradingeconomics.com

In the second quarter of 2013, Argentina’s GDP expanded at its fastest pace in almost two years, beating market expectations. The economy grew 8.3 percent compared with the same quarter of 2012, due to the good performance of the auto and agricultural sectors.

On the production side, agriculture and fishing grew the most (up by 26.86 percent and 51.6 percent year-on-year, respectively). While manufacturing and construction expanded for the first time in five quarters (up by 4.1 percent and 2.23 percent, yoy), mining shrank for the second quarter in a row by 0.1 percent.

The services sector expanded by 8.8 percent, up from 5.4 percent in the first three months of 2013. Among services, the biggest increases were recorded for financial intermediation activities, wholesale and retail trade and transport, storage and communication (year-on-year growth rates of 24.1, 14.2 and 9.1 percent respectively)

On the expenditure side, gross fixed capital formation recorded the highest growth rate (up by 16.2 percent year-on-year), due to a 30.5 percent increase in investment of durable equipment.  Private and public spending accelerated to 9.2 percent and 8.6 percent respectively, from 6.4 and 6.1 percent respectively in the previous quarter. While imports increased 21.3 percent yoy, exports reported the first expansion in five quarters (up by 4.4 percent).

On quarter-on-quarter basis, the economy grew a seasonally adjusted 2.6 percent, up from 2.2 percent in the first three months of 2013. 


Thursday August 22 2013
Argentina Unemployment Rate Falls to 7.2% in Q2
Joana Taborda | joana.taborda@tradingeconomics.com

Argentina’s jobless rate fell to 7.2 percent in the second quarter of 2013, from 7.9 percent in the first three months of 2013, the national statistics agency reported on August 20th.

In the June 2013 quarter, the number of unemployed people decreased to 858 thousand, from 925 thousand in the first three months of 2013. 

While Pampeana area recorded the highest jobless rate (8.5 percent, from 8.2 percent in the first three months of 2013), unemployment from Great Buenos Aires area dropped to 7.6 percent from the 8.9 percent recorded in the previous quarter.

The number of people employed increased 2.2 percent from the previous quarter to 10 985 thousand. The employment rate rose 0.9 percentage points to 43.1 percent in the June quarter. Yet, the number of people working less than 35 hours per week increased to 1.15 million, from 1.06 million in the previous quarter.


Monday July 29 2013
Argentina´s Economy May Speed Up in 2013
Duarte Ricardo | duarte.ricardo@tradingeconomics.com

Recent data updates for Argentina are pointing to a solid expansion in the months ahead. While higher crop production is likely to support exports, the rebound in consumer confidence points to a stronger consumption.

 
In Q1 of 2013, the GDP growth accelerated to 3 percent yoy, from 2.1 percent in the previous quarter. The expansion was mainly driven by a 5.4 percent gain in the services sector, while construction and mining and quarrying contracted 3.2 percent and 1.1 percent respectively. On a quarter-over-quarter basis, the economy expanded 1.5 percent.
 
Exports had been weak throughout 2012, hurt by lower external demand and drought. Yet, since the beginning of 2013, shipments started to rebound and in June grew by 7.7 percent yoy. In the same period, the trade surplus widened 27 percent yoy to $1155 million.
 
Industrial production has been on a downward trend for more than two years. Yet, in June, the output grew 3.8 percent yoy, after increasing 5.2 percent in the previous month, mainly due a surge in automobile and cement production.
 
In June, retail sales grew 11.7 percent yoy, after expanding by 27 percent in May. In the same period, consumer confidence rose to 44.49 points from 41.65 registered in the previous month.