December 14, 2017

Accumulates a negative mark of 2.4 percent so far this year

Friday, December 23, 2016

GDP falls 3.8% in third quarter as investment remains elusive

Argentina’s Gross Domestic Product (GDP) fell 3.8 percent at the end of the third quarter of the year, with sharp declines in manufacturing, construction and consumption, the INDEC official statistics bureau reported yesterday.

A decline of 0.2 percent was seen from July to September for the second quarter (April-June), accumulating a negative mark of 2.4 percent so far this year, the agency said.

INDEC also reported that Gross Fixed Capital Formation, understood as a way to measure investments, fell 8.3 percent in a year-on-year comparison, as industrial activity dropped eight percent regarding the third.

The agency reported that during the third quarter of the year, industrial activity fell by 8 percent compared to the same period of 2015, while construction fell by 12.9 percent and commerce by five percent.

The Finance Ministry has said that the year will end with an economic downturn of 2.4 percent, a goal labelled as optimistic by private pundits. Finance Minister Alfonso Prat-Gay foresees a rise of 3.5 percent next year, boosted by the agricultural sector, exports and public works.

Prat-Gay said on a number of occasions that the growth rate of 3.5 percent is “real” although “for some it is conservative.”

From the private sector, all estimates are cautiously positive although they range from almost zero to to a five percent increase.

Herald staff with Telam

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