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economy PRELIMINARY ESTIMATE

Advisor: Economy grew by close to 2.8% in 2017

Advisor to the Treasury predicts 3.5% rise in GDP for 2018.

Monday 19 February, 2018
Gross Domestic Product (GDP) increased by 2.8 percent in 2017, according to a preliminary estimate.
Gross Domestic Product (GDP) increased by 2.8 percent in 2017, according to a preliminary estimate. Foto:Télam-Gustavo Amarelle

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Argentina’s economy grew “by close to 2.8 percent” last year, an advisor to the Treasury said today.

In comments reported by Reuters delivered at a business seminar inside the Foreign Ministry, Guido Sandleris, the head of an advisory body to the Treasury Ministry, told Japanese business leaders that “the Argentine economy grew close to 2.8 percent [in 2017] and we project higher growth this year, close to 3.5 percent.”

That figure would likely be read as a win for the government, indicating a recovery after the economy contracted by 2.2 percent in 2016.
Crucially, it would also mean the government is exempt from having to pay-off on bond coupons, with most only kicking in if growth hits more than three percent.

Economic activity is currently uneven, with strong growths registered in terms of imports, the financial sector and the construction industry, in contrast to slumps witnessed in manufacturing sectors including clothing and footwear.

The INDEC national statistics bureau is due to post data detailing 2017’s economic activity, including GDP, at a press conference on March 21.

- TIMES/AGENCIES

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