LatinNews Daily - 24 March 2022

In brief: Argentina posts strong growth in 2021

*Argentina’s national statistics institute (Indec) has released its latest figures on GDP growth which show Argentina’s economy grew 10.3% in 2021, the first positive growth since 2017. The country’s GDP shrank 9.9% in 2020, 2.0% in 2019 and 2.6% in 2018. As regards quarterly growth, the Indec figures show that Argentina’s economy grew 1.5% in the fourth quarter of 2021 compared with the previous quarter. In year-on-year terms Q4 GDP grew 8.6%. This follows year-on-year growth of 11.9% in Q3 2021 and 17.9% in Q2 2021. Although yearly growth slowed in the final quarter 2021 compared to the previous two quarters, year-on-year performance continues to be strong, reflecting the low basis of comparison with Q4 2020, when the country was still reeling from the economic impact of severe restrictions imposed in the face of the coronavirus (Covid-19) pandemic. The sectors which posted the highest growth year-on-year in Q4 2021 were hotels and restaurants (up 60.9%), mining and quarrying (up 18.2%) and transport, storage and communications (up 14.9%). The only sector to contract year-on-year was fishing, which was down 19.2% on Q4 2020.

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