Argentina’s economic activity grows 6.3 percent in first half of 2022

Argentina’s economic activity grew 6.3 percent year-on-year in the first half of 2022, the National Institute of Statistics and Censuses (INDEC) announced Tuesday.

In June, the Argentine economy grew 6.4 percent year-on-year in 2021, with sectors such as hotels and restaurants (39.2 percent), transport and communications (10.8 percent), and fisheries (9.9 percent) recording growth.

With the positive change in June, Argentina recorded its 16th consecutive year-on-year increase in economic activity.

The government agency said that other sectors, such as manufacturing, grew 6.2 percent in June, followed by trade, which increased 8.4 percent, and construction, which rose 6.6 percent.

The only sector of the local economy to show a decline in June was agriculture, hunting, and forestry, which fell 4.9 percent, according to the INDEC report.

According to estimates by private analysts consulted by the Central Bank of Argentina (BCRA), the South American country’s economy will grow by 3.4 percent in 2022.

In the first quarter, Argentina’s gross domestic product (GDP) grew by 6 percent yearly.

The country’s government expects GDP to grow by 4 percent in 2022.