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Weekly Report - 28 April 2011 (WR-11-17)

ARGENTINA: Tail wind or petrol powered?

The economic “tail wind" that has aided Argentina's recent strong growth continues to blow. The fact that myriad Argentine economists use a climatic expression to describe the country's economic boom is indicative of its dependence on agricultural exports, especially soya, which are reliant on favourable climatic conditions and strong international commodity prices. International commodity prices remain high and Argentina is cashing in on its year-on-year record breaking soya harvests, which are in large part responsible for the 8.7% year-on-year economic growth in February, the national statistics institute (Indec) reported last week. The key question is whether this agri boom will enable a more stable development model by re-investing in the development of the industrial sector.

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