LatinNews Daily - 20 June 2018

Argentina: The national statistics institute (Indec) has released new figures which show that in the first quarter of 2018 Argentina’s GDP increased by 3.6% relative to the same period of 2017. Compared to the fourth quarter of 2017, GDP increased by 1.1% in the first quarter. This marks the fifth consecutive quarter in which economic activity in Argentina has increased. According to the report published by Indec, the sectors which showed the strongest performances in the first quarter included the construction, fishing, retail, and banking sectors. The government has forecast GDP growth of 3.5% for 2018 in the national budget presented to the federal congress in September 2017. Nonetheless, because of the market volatility in Argentina, with the strong devaluation of the Argentine peso against the US dollar in May 2018, the World Bank (WB) and the International Monetary Fund (IMF) have revised downwards their Argentina growth predictions for the year from 3% to 1.7% and from 2.5% to 2% respectively.

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