LatinNews Daily - 24 June 2022

In brief: Argentina’s GDP growth rate slows

*Argentina’s national statistics institute (Indec) has released its latest figures on GDP growth which show that the country’s economy grew 6% in the first quarter of 2022 compared to the same period of last year. However, the pace of quarterly growth has fallen again, increasing by just 0.9% compared to 1.9% quarterly growth for Q4 2021 and 4.1% for Q3 2021. The sectors which posted the highest growth year-on-year in Q1 2022 were hotels & restaurants (33.6%), mining & quarrying (13.4%), and transport, storage, & communications (12.2%). The only sectors to record a decline in growth were fishing, which contracted by 3.5%, and agriculture, farming, and forestry, down 0.1%, compared to the previous year. The latest projections by the International Monetary Fund (IMF) predict that Argentina’s GDP will grow by 4% in 2022, compared to 10.2% growth in 2021.

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