LatinNews Daily - 22 September 2021

In brief: Q2 GDP sees quarterly contraction in Argentina

* Argentina’s national statistics institute (Indec) has released its latest figures on GDP growth, which show that the Argentine economy contracted by 1.4% in April-June this year, compared with January-March. In year-on-year terms, Q2 GDP grew 17.9%, with a positive performance in all activities except agriculture and livestock, which contracted 3.9%. The strong year-on-year performance reflects the low basis of comparison with Q2 2020, when severe restrictions were in place in the face of the first wave of the coronavirus (Covid-19) pandemic. Meanwhile, the negative GDP performance in quarterly terms in April-June this year reflects the effects of President Alberto Fernández’s government reintroducing Covid-19 restrictions, amid persistently high inflation. According to the Indec, private consumption grew 1.1% compared with Q1 (and was up 21.9% year-on-year), while government spending grew 0.5% and fixed investment saw no variation, at 0%. Argentina’s GDP is expected to grow 7.2% this year, then slow to 2.5% in 2022, according to the latest monthly economic survey by the central bank (BCRA).  

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