Weekly Report - 24 May 2005

ARGENTINA | Predicted slowdown is taking place. Economic activity in the first quarter of the year was up 8.3% on the same period last year. This is slightly down from the 9% rate recorded for 2004 as a whole, but there are already clear signs that the expected slowdown is becoming steeper. Manufacturing output in April, for example, was down 0.4% on March, which left accumulated output in the first four months 7.1% above the same period of 2004. The government expects manufacturing growth to decelerate to 5% for the year as a whole.

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