Argentina announces 1.3% GDP growth in the 1st quarter

According to a report published on Thursday, June 22, by the National Institute of Statistics and Censuses (INDEC) of Argentina, the country’s Gross Domestic Product (GDP) experienced year-on-year growth of 1.3% in the first quarter of 2023.

This data surpassed analysts’ expectations, as experts surveyed by Reuters had projected a GDP improvement of 1.5% for January-March.

Additionally, the INDEC reported that the seasonally adjusted GDP in Argentina showed a 0.7% improvement compared to the fourth quarter of the previous year. In 2022, the corrected values indicated a 5% advancement.

Most benefited sectors

Among the sectors that experienced significant growth, noteworthy increases were observed in mining and quarrying (11.9% YoY), hotels and restaurants (8.5% YoY), and domestic services (8.2% YoY).

However, three sectors witnessed a year-on-year decline. The agriculture, livestock, hunting, and forestry sector topped the list with a decrease of 11.9%.

See below the top ten most exported products from Argentina in the first quarter of 2023, according to maritime data by Datamar.

Top 10 exports from Argentina | 1Q23 | TEU

Source: DataLiner (click here to request a demo)

Investments in 1Q23

Regarding investments in the first quarter of 2023, preliminary estimates provided by the INDEC revealed a 0.6% fall in gross fixed capital formation compared to the same period in the previous year.

This reduction can be attributed to a 0.8% decline in investment in civil construction, a 17.2% increase in other construction projects, a 6% decrease in machinery and equipment investment, and an 18.7% growth in transport equipment investment.

Source: ámbito

To read the original text, please visit: https://www.ambito.com/economia/la-crecio-13-el-primer-trimestre-del-ano-n5752144

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