Argentina’s GDP grows by 5.2% in 2022

Argentina’s Gross Domestic Product (GDP) grew 5.2 percent in 2022 after registering a 1.9 percent year-on-year rise in the last quarter of that year, the National Institute of Statistics and Censuses (Indec) reported yesterday, Wednesday.

The entity pointed out that the growth of the Argentine economy was explained by an increase in all demand components, with private and public consumption increasing by 9.4 and 1.8 percent, respectively, investment (gross fixed capital formation) by 10.9 percent, exports by 5.7 percent and imports by 17.4 percent.

Favorable variations were reported in 16 of the 17 economic sectors analyzed, with hotels and restaurants being the best performer with an increase of 35 percent, followed by mining and quarrying with 13.5 percent and private households with domestic service with 10.3 percent, Indec detailed.

According to the institute’s statistics, the manufacturing industry grew by 5 percent in 2022, commerce by 6.4 percent, and construction by 5.8 percent.

Indec added that agriculture, livestock, hunting, and forestry was the only item that reported a decrease, being 4.1 percent.

The GDP variation figure was above the 4 percent growth estimate of the Argentine government and the 4.2 percent projected by multilateral entities such as the World Bank.

This year, the Executive is targeting a 2 percent increase in GDP.