Weekly Report - 23 May 2013 (WR-13-20)

ARGENTINA | Unemployment on the rise. On 20 May Argentina’s national statistics institute (Indec) revealed that the unemployment rate for the first quarter of the year stood at 7.9%, after the rate jumped up 0.8 percentage points on the same period the previous year. The result not only represents the highest  comparable quarterly rise since 2009, when Argentina was still suffering from the effects of the global economic crisis and posted a paltry GDP growth rate of 0.9%, but also seems to confirm a trend in rising unemployment in the country since last year. Indeed the 2013 first quarter unemployment rate was significantly higher than the final quarter of 2012 (6.9%) and surprised local analysts who were forecasting a much smaller increase, with the consensus rate being put at 7.1%.

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