Weekly Report - 27 April 2004

ARGENTINA | Growth outlook. The IMF reckons that the Argentine economy will grow this year by 5.5% - but is likely to slow down to 4% in 2005, among other things due to the current power crisis. The Fund noted that last year's growth of 8.75% was spurred by consumption and construction, but that production remains 11% lower than before the crisis erupted in 2001.
Argentina's central bank has calculated that making good the electricity shortfall will cost Argentina about US$500m due to the purchases of fuel from Bolivia and Venezuela and the loss of earnings from gas exports to Chile.

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