RIO DE JANEIRO, BRAZIL – Economic activity in Argentina grew 5.1% year-on-year last April compared to the same month in 2021, marking the 14th consecutive month of year-on-year growth, official sources said Thursday.
The data released by the National Institute of Statistics and Censuses (Indec), which serves as a preliminary advance to measure the quarterly change in the gross domestic product (GDP), signifies an acceleration from the pace of growth recorded in March last year (4.5%).
According to the report, economic activity increased by 0.6% in April compared to the third month of the year, when it fell by 0.8%.
In the year’s first four months, cumulative economic growth was 5.7%.
Indec data shows that of the 16 sectors of the economy included in the indicator, 15 production sectors recorded year-on-year improvements in the fourth month of the year.
The most significant increases were in fishing (68%), hotels and restaurants (40.1%), and mining (17.2%).
Trade (6.7%) had the most significant impact on the year-on-year change in the economic indicator, followed by manufacturing (4.7%).
The only sector to show a year-on-year decline in April was agriculture and forestry, down 7%.
After three years of severe recession, exacerbated by the Covid 19 pandemic, the Argentine economy recovered by 10.4% last year.
According to the refinancing agreement signed last March by the Alberto Fernández government and the International Monetary Fund, Argentina will grow between 3.5% and 4.5% this year, while private economists consulted monthly by the central bank for its survey of expectations expect the Argentine economy to grow by 3.3% this year.