Argentina’s economic activity grows 6.2% from January to May

Argentina’s economic activity registered an inter-annual increase of 7.4 percent in May and accumulated in the first five months of the year an increase of 6.2 percent, according to data released today by the National Institute of Statistics and Censuses (INDEC).

The sectors of the economy that reported the highest growth were “hotels and restaurants” with 44.3 percent, followed by mining and quarrying with 14.2 percent, and construction with 13.6 percent.

Commercial activity grew by 11.6 percent; manufacturing industry by 10.6 percent; transportation and communications by 11 percent; and fishing by 9.9 percent, according to the official entity.

Other sectors such as education and health services increased 6.3 and 1.3 percent, respectively.

The only sector that registered a drop in its inter-annual variation was agriculture, livestock, hunting and forestry, which contracted 5.3 percent in the year’s fifth month.

Before these last data, INDEC reported that Argentina’s Gross Domestic Product (GDP) grew 6 percent during the first quarter of 2022.

According to private analysts consulted by the Central Bank of Argentina (BCRA), the country will close the year with a GDP growth of 3.2 percent.

The International Monetary Fund (IMF) forecast last April that the local economy would grow 4 percent by the end of this year, while the World Bank improved its projection from 3.6 percent to 4.5 percent in June.

Also, in June, the Organization for Economic Cooperation and Development (OECD) estimated that Argentina’s GDP would end the year with a 3.6 percent growth.