INDEC: Economy grew 10.3% year-on-year in first 11 months of 2021

Argentina's Gross Domestic Product (GDP) rose 10.3 percent year-on-year between January and November 2021, the INDEC national statistics bureau reported on Tuesday.

Economic activity improved 9.3 percent year-on-year in November and 1.7% compared to the previous month, October.

The improved data lends weight to the government’s claim that Argentina is finally overcoming the recession into which it fell in 2018. Exacerbated by the arrival of the coronavirus pandemic, GDP slumped by 9.9 percent in 2020.

Official and private estimates agree that the economy closed out 2021 with a 10 percent rebound. According to estimates from the International Monetary Fund, GDP will grow by around three percent this year.

For President Alberto Fernández and his government, protecting the economic recovery and growth is one of the key points in its negotiations with the IMF to refinance its debt of more than US$44 billion dollars with the multilateral lender.

– TIMES/AFP