On the production side, retail trade shrank by an annual 1.7 percent in the last three months of 2013, while mining and manufacturing fell by 0.7 percent and 0.5 percent respectively. In contrast, financial intermediation activities rose 18.4 percent year-on-year and fishing advanced 24.3 percent.
On the expenditure side, exports fell sharply by 12.9 percent year-on-year, while imports contracted at a slower 3.9 percent and private consumption dropped 0.2 percent. Government consumption expanded at a faster 9.8 percent.
On a quarter-on-quarter seasonally adjusted basis, Argentine GDP contracted 0.4 percent in the last three months of 2013 after expanding 1.0 percent in the previous quarter, as exports fell 7.0 percent, outweighing a 3.5 percent drop in imports.
Considering full 2013, the economy advanced 3 percent, up from a 0.9 percent expansion in 2012. The national statistics agency changed the base year for GDP calculations to 2004 from 1993, following last year’s critics by the IMF for misreporting economic data.