Argentina Posts Ninth Straight Month of Economic Growth
Economic activity rose 1.9% in January compared to December, the fastest pace in four months, according to government data published Tuesday. From a year ago, the economy contracted 2%, better than the 2.5% average fall expected by economists in a Bloomberg survey.
On an annual basis, construction, manufacturing and finance sectors posted gains during the month. while the tourism industry continued to suffer the most, hindered by travel restrictions and a slow Covid-19 vaccine campaign. Widespread price controls and uncertainty about the government’s economic plans continued to weigh down commerce too.
Argentina’s economy is expected to grow this year for the first time since 2017 after contracting 9.9% in 2020. However, all economic indicators point to a long recovery before the country returns to pre-recession levels.