Weekly Report - 24 June 2010 (WR-10-25)

ARGENTINA | GDP growth. The economy minister, Amado Boudou, is predicting 5% growth in 2010, a strong rebound from 0.9% growth in 2009 as a result of an increase in industrial production in May. The economy grew by 6.8% in the first quarter of 2010 compared with the same period last year, according to the national statistics institute (Indec). GDP growth was also up 3% on the final quarter of 2009. It is important to take into account the low base of comparison: GDP growth in the first quarter was still 3.2% down on the level in the same period of 2008. The primary fiscal surplus (before debt servicing) stood at Arg$3.04bn (US$765m) in May, up 230% on the same month a year earlier, Boudou reported, and Arg$8.36bn (US$2.12bn) in the first five months of the year.

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