Argentina´s Economic Growth Gains Momentum in Q1


Argentina´s economy grew by 3 percent year-on-year in the first quarter of 2013, up from 2.7 percent recorded in the previous three months period, the INDEC reported on June 19th. The services sector were the main driver of the expansion, while construction declined the most.

In the first quarter of 2013, services expanded by 5.4 percent from 4.2 percent in the previous quarter.  Among services the biggest increases were recorded for: Financial intermediation 22 percent (18.9 percent in Q4 2012); wholesale and retail trade 6.5 percent (3.8 percent in Q4 2012); transport, storage and communication 4.7 percent (4.3 percent in Q4 2012). General government services and defense expanded by 2.8 percent, down from 3.6 percent in the previous quarter, while Education, health care and social services by 3.2 percent.

Electricity, gas and water supply grew by 0.4 percent, down from the 6.9 percent expansion registered in the previous quarter. Agriculture, hunting and forestry recorded a flat growth, after contracting 4 percent in Q4 2012. 

Construction activity dropped by 3.2 percent, up from a 5.7 percent contraction registered in the previous three months. Mining and quarrying shrank by 1.1 percent, up from a 3.3 percent decline recorded in Q4 2012.

On a quarter-over-quarter basis, the economy expanded by 1.5 percent, as in the fourth quarter of 2012.



Duarte Ricardo | duarte.ricardo@tradingeconomics.com
6/24/2013 11:13:46 AM