gross domestic product (GDP) of Argentina accumulated an advance of 5.2% last year, well below the rebound of 2021, and registered a contraction of 1.5% in the fourth quarter of 2022 compared to the third quarter, official sources reported this Wednesday.
That of the fourth quarter is the first negative quarter-on-quarter variation in GDP since the second quarter of 2021. As reported this Wednesday by the National Institute of Statistics and Censuses (Indec), between October and December last GDP advanced 1.9% In relation to the last quarter of 2021, the lowest year-on-year expansion rate since the first quarter of 2021.
Regarding the cumulative growth of the 5.2% In 2022, this level denotes a very strong slowdown compared to the 10.4% recovery that Argentina had achieved in 2021. According to the official report released this Wednesday, of the 17 sectors that make up the GDP, 16 of them observed an improvement of activity in 2022, although much leaner than those noted in 2021.
Among the sectors of weight, construction stood out (5.8%)the industry (5 %) And trade (6.4%). The only sector that registered a contraction of activity in 2022 was agriculture and livestock, with a drop 4.1%deepening the setback of the 0.3% that I had in 2021.
Likewise, according to official data, in 2022 progress was recorded in all components of GDP, although with less dynamism than that observed in 2021.
Thus, last year the global offer increased 7.6%due to the growth of 5.2% of GDP and the increase in 17.4% in imports of goods and services. Meanwhile, global demand advanced 7.6%with an increase of 10.9% in gross fixed capital formation and a rise in the 5.7% in exports, while private consumption grew 9.4% and public consumption increased 1.8%. According to the 2023 Budget, Argentina would grow this year by barely 2%, but the private economists that the Argentine Central Bank consults monthly for its expectations report predict that the Argentine economy would have zero progress. (0%) in 2023.
Source: EFE
Source: Gestion
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