Argentina’s economy experienced a downturn in the third quarter of 2023, with the Gross Domestic Product (GDP) falling by 0.8% year-on-year.
This decline brought the total reduction for the year to 1.6%, as the National Institute of Statistics and Census (INDEC) reported.
Despite this setback, a growth of 2.7% compared to the April-June quarter indicated some resilience.
Significant declines were seen in key sectors. Agriculture, livestock, hunting, and forestry dropped by 7.6%.
The manufacturing industry also decreased by 3.7%.
Meanwhile, sectors like hospitality, mining, and fishing showed positive growth, signaling sectoral disparities in the economic landscape.
Private and public consumption saw marginal increases, indicating consumer and governmental efforts to support the economy.
However, exports suffered a 4.8% decline, reflecting global economic challenges.
The contrasting performances of various sectors highlight the complex nature of Argentina’s economic situation.
Predictions from private analysts, sourced from the Central Bank of Argentina, suggest a continuing trend of economic contraction.
A forecasted 1.4% GDP decline in 2023 and a further 2.4% fall in 2024 paint a cautious economic outlook.
This scenario underscores the challenges Argentina faces in achieving economic stability amidst fluctuating global conditions.
The country’s economic performance and future projections can be further explored through detailed reports and analyses from financial and research institutions.