Argentina's economy grew 11.7% year-on-year in July

Buenos Aires, September 28 (EFE). – Argentina’s economic activity grew by 11.7% in July compared to the same month of 2020, the fifth increase on an annual basis after 19 consecutive months of decline, official sources said on Tuesday. ..

This growth is explained by a low base for comparison, as economic activity in July 2020 was still heavily affected by the strong health restrictions imposed at the end of March last year by the Alberto Fernandez government due to the outbreak of the COVID-19 epidemic. covid-19.

On the other hand, data released this Tuesday by the National Institute of Statistics and Census (Indec), which serves as a temporary boost to measure the quarterly disparity of gross domestic product (GDP), showed that economic activity in July grew by 0, 8% compared to June, adding Two consecutive months positively, after the stagnation recorded between February and May.

In the first seven months of the year, economic activity increased by 10.5%.

The INDEC report reveals that out of the 16 activities included in the index, 14 sectors showed productivity improvements year on year in the seventh month of the year.

According to data released on Tuesday, the sectors that showed the largest increase were fishing (251.6%) and hotel and restaurant activity (55.4%).

The manufacturing sector, with an increase of 12.7%, was the economic sector with the largest positive impact on the general level of economic activity in July, followed by the trade sector (12.5%).

Meanwhile, the two sectors that showed negative performance on an annual basis were the financial sector (-1.3%) and agriculture (-3.6%).

The Argentine GDP has been hit hard by the COVID-19 pandemic, seeing a decline of 9.9% in 2020.

According to the draft budget 2022, the Argentine economy will end this year with an 8% recovery, ending a three-year cycle of severe recession, and will grow by 4% in 2022.

Meanwhile, the expectations of private economists, whom the Central Bank of Argentina consults monthly to determine its forecast, are somewhat more moderate: according to their forecasts, the Argentine economy will recover by 7.2% in 2021 and will expand by 2.5% in the next anus. EFE

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