LatinNews Daily - 18 December 2023

*Argentina’s national statistics institute (Indec) has released the latest figures on economic activity which show that in the third quarter of 2023, GDP increased by 2.7% in seasonally adjusted terms as compared to the previous quarter. This growth was fuelled by rises in private consumption (+0.7%), gross fixed capital formation (+1.7%), and exports (+2.1%), while public consumption declined by 2.0%. However, in yearly terms, the economy contracted by 0.8%. Public consumption stood out with a year-on-year increase of +1.8%. Sectors that saw growth included hotels & restaurants (+7.2%) and mining & quarrying (+5.9%), whereas agriculture, livestock, hunting, & forestry saw a decline of -7.6%, and the manufacturing industry and domestic service both declined by -3.7%. This compares to a yearly contraction of 4.9% and a quarterly drop of 2.8% in the second quarter of 2023.