Argentina’s economy expanded more than expected in November, as its post-pandemic recovery regained momentum despite political noise and uncertainty related to debt talks with the International Monetary Fund.
Economic activity rose 1.7 percent from October, the fastest pace since June and above analysts’ expectations for a 0.9 percent expansion. From a year ago, it grew 9.3 percent, according to government data published Tuesday.
The recovery resumed after a brief decline in October. It was driven by sectors including tourism, mining and transportation, despite new price controls and policy uncertainty that followed the defeat of the government coalition in November’s midterm elections.
Argentina’s economy was put in spotlight this month when Nobel laureate Joseph Stiglitz called its estimated 10 percent growth in 2021 an “economic miracle.” His comments were met by a wave of criticism from Latin American economists who pointed out the economy’s many problems.
by Patrick Gillespie, Bloomberg