Tuesday, May 21, 2024

ECONOMY | 17-12-2021 02:23

Economy grew 10.8% in first nine months of 2021, says INDEC

Argentina's economy grew 11.9% year-on-year in the third quarter, according to INDEC.

Argentina's gross domestic product (GDP) grew 11.9 percent year-on-year in the third quarter accumulating a 10.8 percent rebound in the first nine months of the year overall, the INDEC national statistics bureau reported on Thursday.

The data reinforces the impression that the country is tentatively exiting the deep recession that began in 2018 that culminated in a 9.9 percent contraction in economic activity in 2020 amid the coronavirus pandemic. 

GDP increased 4.1 percent in the third quarter compared to the second, while GDP fell 0.9 percent in seasonally adjusted terms, according to INDEC.

The government estimates that 2021 will close out with growth of 10 percent for the year, an estimate that is part of the negotiations it has with the IMF to refinance the payments of the country's US$44-billion debt.



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