Argentina’s economy ends strong second half with December rebound

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(Bloomberg) – Argentina’s economy capped a strong second half of growth as it emerged from a long recession last year ahead of a new deal expected in the coming weeks with the International Monetary Fund.

Economic activity in December rose 0.9% from the previous month, in line with economists’ expectations. Year-over-year, the economy grew 9.8% in the last month of the year, according to government data released Wednesday. The annual figure was below expectations for an 11% gain.

In December, tourism and transportation posted the strongest annual gains. The government estimates that the economy has grown by around 10% for the whole of 2021, after three years of recession.

The economy grew on a monthly basis in five of the last six months of 2021.

Economic growth will be at the center of Argentina’s ongoing program with the IMF to reschedule payments on about $40 billion of outstanding debt. While the government forecasts growth of 4% for 2022, IMF officials predict a weaker expansion of 2.5%.

©2022 Bloomberg LP


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