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ECONOMY | 20-08-2021 02:28

Economic activity grew 9.7% in first half of 2021

INDEC forecast sees 2.5% growth in June from the previous month. In annual comparisons, 13 of 15 industry sectors grew year-on-year.

Economic activity in Argentina grew 2.5 percent in June compared to the previous month, confirming an expansion of 9.7 percent in the first half of 2021, the INDEC national statistics bureau said Thursday.

According to the bureau’s monthly estimate of economic activity (EMAE), growth in June 2021 was 10.8 percent compared to the same month in 2020.

Year-on-year, fishing (up 108.7 percent) and construction (up 32.3 percent) led the rise in activity. Industry as a whole was up 16.8 percent, with commerce up 13.2 percent. Only two of 15 sectors recorded declines: financial intermediation, down 0.9 percent year-on-year; and agriculture, livestock, hunting and forestry, down 4.5%.

Argentina, which has been in recession since 2018, suffered a sharp drop of 9.9 percent in gross domestic product in 2020, mainly as a result of lockdown measures imposed to tackle the coronavirus pandemic. 

According to INDEC, economic activity is now around 2.2 percent below where it was before the coronavirus pandemic (measurement of February 2020).

According to forecasts published by the International Monetary Fund, the economy will grow 6.4 percent this year and 2.4 percent in 2022. Recent predictions from government ministers have been closer to seven percent.

 

Poverty line

A typical family needed an income of 67,576 pesos in July to avoid falling into poverty, a separate INDEC report said this week.

That measurement corresponds to the cost of INDEC’s total basic food basket (CBT), which defines the level of poverty. Its cost rose 1.6% in July compared to June.

A second basket, identified as CBA, which defines the level of extreme poverty, was 29,002.86 pesos. It increased 2.1% compared to June.

 

– TIMES/AFP/NA

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