Argentina’s economic activity grows 1.5 % in first quarter 2023

Argentina’s economic activity registered a 1.5 percent inter-annual growth in the first quarter of 2023, according to data released by the National Institute of Statistics and Censuses (Indec).

The state entity disclosed the monthly estimate of activity that in March would have represented an increase of 1.3 percent with respect to the same month of 2022.

In the third month of the year, an improvement was reported in 12 of the 16 main sectors of the economy, led by the essential services of electricity, gas, and water with a growth of 13.6 percent, followed by mining and quarrying with 12.1 percent and hotels and restaurants with 5.5 percent.

Wholesale and retail trade grew by 3.6 percent, construction by 3.2 percent, manufacturing by 3.1 percent, education by 2.5 percent, and social and health services by 1.3 percent.

Fishing fell significantly by 15.5 percent, followed by agriculture, livestock, hunting, and forestry, whose activity contracted by 12 percent, in line with the severe drought experienced by the South American country during the first four months of the year.

Likewise, transportation and telecommunications added to taxes net of subsidies fell 1 percent and 0.4 percent, respectively, Indec detailed.

For this year, Argentina’s government is aiming for a 2 percent increase in Gross Domestic Product (GDP), by the target set in the 2023 Budget.

However, according to the Executive, the severe drought has generated losses to the country of approximately US$15 billion in exports.

It has affected economic activity linked to the agricultural sector, significantly impacting GDP.

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