Argentina GDP Growth Slows in Q3
In the third quarter of 2013, Argentina’s economic growth slowed to 5.5 percent year-on-year, down from 8.3 percent in the previous three-monh period, the highest growth rate in a year-and-a-half.
On the production side, financial services recorded the highest annual growth rate (21.3 percent), followed by fishing (17.7 percent) and trade (6.8 percent).
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Transport and communication grew 6.7 percent on the year and manufacturing recorded the highest annual growth rate in eight quarters (5.7 percent).
Agricultural production slowed to 5.3 percent after surging 26.8 percent in the previous quarter. In contrast, construction accelerated to 4.0 percent (2.2 percent in the previous quarter). Mining shrank for the third straight quarter (-0.7 percent yoy).
On the expenditure side, only construction investment accelerated in the third quarter (5.9 percent yoy from 4.8 percent in the June quarter). Private consumption eased to 8.3 percent (9.2 percent in the preceding quarter) and public expenditure slowed to 8.3 percent from 8.6 percent in the second quarter. Exports decelerated to 2.6 percent yoy.
Quarter-on-quarter, the economy contracted 0.2 percent in the third quarter, the first contraction in six quarters.
During the first three quarters of 2013, the economy grew 5.7 percent year-on-year.