Argentina’s GDP grows 6% in the 1st quarter of 2022

RIO DE JANEIRO, BRAZIL – Argentina’s GDP (Gross Domestic Product) registered a 6% increase in the first quarter of 2022 compared to the same period of the previous year. It was the fifth consecutive quarter of growth.

On Thursday, June 23, Argentina’s National Institute of Statistics and Censuses (Indec) released the data.

The gross formation of fixed capital, an indicator that measures how much companies increased their capital goods, grew 3.3% compared to the fourth quarter of 2021.

Public and private consumption rose by 0.7% and 3.2%, respectively. The only demand factor contracted in the period was exports, which fell 2.3%. Imports, on the other hand, grew 7.6%.

Among the economic sectors, the most significant increases were in hotels and restaurants (33.6%), the extractive industry (13.4%), and transport and communications (12.2%).

Only fishing, agriculture, and cattle-raising registered a decrease of -3.5% and 0.1%, respectively.

With information from Poder360