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Panorama Internazionale

30 LUGLIO 2019

19:01 - Argentina

ARGENTINE ECONOMY GROWS 2.6 PERCENT IN MAY DUE TO BOOST FROM HARVEST

(ICE) - ROMA, 30 LUG -

Twelve consecutive months of negative growth came to a halt in May when economic activity grew 2.6 % compared to May of last year, and 0.2 percent compared to April, as a result of the agricultural harvest, according to a report released Thursday by the National Institute of Statistics and Census (INDEC). 

The economy descended into recession in 2018 and was down 3.1 % compared to last year for the first five months of 2019, according to Indec. 

GDP fell 2.5 % last year. The International Monetary Fund (IMF) adjusted its estimate for this to a fall of 1.3 % after initially projection a reduction in GDP of 1.3%

Agriculture production was exceptionally high, showing a 49.5 % difference year-on-year, which explains the strong economic indicator. Almost all sectors of industry and commerce continued to shrink.

Farmers harvested 156 million tons of grain and oilseeds, a record according to the secretary of Agro Industry. 

“Looking forward, it is expected the agricultural campaign, which unlike 2018 enjoyed good weather conditions, will continue to contribute to growth,” the ministry said, 

Transportation and communications and education also showed positive growth compared to April of last year.

(ICE BUENOS AIRES)