Gross domestic product (GDP) of the Argentina increased by 3.3% in the third quarter compared to the same period last year, according to data published this Tuesday (16) by the National Institute of Statistics and Census (Hint). This result came as a relief to the Argentine government after an economic slowdown of 0.1% in the second quarter.
Compared to the second quarter of the year, GDP increased by 0.3% between July and September. In doing so, the country avoided a technical recessiondefined by the occurrence of two consecutive quarterly declines in the economy.
Expectations for third-quarter performance were already positive, after Indec revised upwards data for the final months of the monthly indicator of economic activity – considered one of the first thermometers of Argentine GDP.
On the demand side, the main impetus came from exportswhich recorded an increase of 6.4%. Still according to the institute, the public spending increased by 0.5%, while the private consumption recorded a modest increase of 0.2%, according to Indec.
Furthermore, the investments sharply decreased, with a drop of 6% over the quarter, in a context of financial instability and to political uncertainty which preceded the legislative elections in October.
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