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ECONOMY | 23-12-2021 16:43

Economy grew 6.7% year-on-year in October, according to INDEC

Economic activity grew 6.7 percent in October year-on-year, but fell 0.8 percent compared to September, according to INDEC.

Economic activity grew 6.7 percent in October year-on-year, but fell 0.8 percent compared to September, according to an estimate by the INDEC national statistics bureau.

Between January and October Argentina registered an increase in Gross Domestic Product of 10.4 percent year-on-year, it added.

Argentina's economy entered recession in 2018 and in 2020 recorded a collapse of 9.9 percent of GDP in the midst of the Covid-19 pandemic.

It has been slowing recovering month-by-month this year compared to the last, according to INDEC's data.

The sectors recording the highest growth in economic activity in October were hotels and restaurants (up 61 percent), registering a boom due to the opening of post-Covid tourism, and mining and quarrying (up 17.7 percent). Transport and communications (11.9 percent) and manufacturing (4.9 percent) also saw impressive increases.

On the other hand, fishing (down 32.6 perecnt) and agriculture and livestock (down 1.6 percent) fell compared to October 2020.

– TIMES/AFP

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