Argentine economy roaring at 9.3% in third quarter, announced CFK
Argentina’s economy expanded in the third quarter at the fastest pace since 2003, said President Cristina Fernandez on Thursday during a visit to a Toyota Motor Corp. plant in the province of Buenos Aires
“GDP in the three-months through September rose 9.3% from a year earlier, compared with 8.6% in the same quarter of 2010”, said CFK adding that “we have to continue working on this path and not get sidetracked; I’m proud of what we have done and committed to the things that we still need”.
Cristina Fernandez was re-elected in October after overseeing annual economic growth that averaged 5.6% since taking office in 2007 for the first time.
Argentina’s economy is heading to its ninth year of growth after Cristina Fernandez and her late husband and predecessor, Nestor Kirchner, boosted public spending to generate jobs and raised pensions and wages to fuel domestic consumption.
A slowdown in Brazil, Argentina’s main trade partner, and the global crisis is expected to trim growth to 4.3 percent in 2012, according to local private estimates.
Brazil’s economic growth will slow to 2.97% this year from 7.53% in 2010, according to the median forecast of economists in a weekly central bank survey.
Some Argentine sectors are already feeling the pinch: exports fell 5% in October from a month earlier to 7.5 billion dollars, while industrial production rose 4.1% from a year earlier, the slowest pace in two years.
Annual inflation that economists estimate is 23%, double the official rate, has helped fuel demand for autos, real estate and dollars, as investors look to preserve their savings. Capital flight in the first nine months of 2011 reached 18 billion dollars, more than twice the pace of a year earlier, according to central bank data.
The Argentine government responded to the capital outflow by ordering some companies to repatriate foreign investments and export revenue and by tightening oversight of the foreign exchange market following her election victory. The moves helped quell demand for dollars, allowing the central bank to begin rebuilding reserves that fell to 44.7 billion dollars this week from a high of 52.6 billion in January.
CFK visited the auto plant because Toyota invested 126 million dollars to boost production by 42% to 92,000 units per year, according to an e- mailed statement from the Industry Ministry. The 776,000 vehicles produced in Argentina this year through November surpass the record 717,000 in all of 2010.
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22 comments Feed
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A country that is doing this “well” doesn't pass laws to:
limit foreign ownership of land (confiscations)
control newsprint (control newspapers)
Terrorism charges for “currency manipulation” (saying the peso is going down)
This is just 1 day of laws passed in the congress!
I see this as textbook Venezuela pseudo-dictatorship. It is very scary.
“Buenos Aires has been crowned World Book Capital for 2011 in recognition of the vibrant literary culture within the city, which plays host to 70 libraries , over 400 bookstores and scores of smaller book-dispensing kiosks”
thereaderonline.co.uk/2011/04/28/buenos-aires-world-book-capital-2011/
inhabitat.com/el-ateneo-grand-old-theater-transformed-into-the-worlds-most-ornate-bookstore/
portal.unesco.org/culture/en/ev.php-URL_ID=39258&URL_DO=DO_TOPIC&URL_SECTION=201.html
7 its funny isnt it probably one of the three or four most lierary cities in the World but some little Englanders imagine it so differently
Really?????? It doesn't show....
This ”She Turnip” really irritates my spleen with her unbelievable stories about unavailable, unnamed philosophy books in Argentina and good hearted middle-aged English ladies, unselfishly helping young, poor Argentinean students in their quest for wisdom …………...........
Therefore I contacted some ”Young Turks” at the Grand Ol’ “Facultad de Filosofia y Letras” (UBA) to double check what I already knew and to dismiss any possibility of that haughty Brit talking the truth………
They laughed at me……….......................
If ANY book should be unavailable in Argentina, it wouldn’t take more than a couple of hours to organize a “Scanning and CC Mailing List happening” from any University Library on the Planet where the said book was available………….., they said.
ElaineB; you have been weighed on the scales and found to be too light……………….
Really yank??
The reality Argentina is BOOMING!1
If you do not believe...well there is the Argentine AMnufacturing automotive association, stats,that corroborates that figure..
www.adefa.com.ar/v2/index.php
(Psst the site is also in English) Tells you about the Auto production,in Argentina, by month,manufacturer,export,imports..etc.....
Just check it out....
People who deliberately distort reality, knowing the truth......are simply intellectually perverted.
In my opinion, not worth a minute of your valuable synapses.
Saludos
Soy down 8+% yoy and car exports down this month...Car sales may be good internally since they are priced in pesos which is rapidly becoming worthless, buy now before it is 25% more next year. Get it stupid? Argentina is the only country in the world where cars are worth more when they leave the lot... sad sad sad 10 years down the drain and nothing to show for it...
The day reckoning will soon be upon them. They simply don't get it!
Join Elaine's jealousy club and helper to find those philosophy books.
www.guardian.co.uk/society/2011/dec/03/pessimism-britons-things-worse
I wonder how many Argentinian doctors are working as gardeners here? Can anyone help me find some statistics on that?
17. If UK is doing so bad and Arg doing so well how come the Pound to Peso is not following suit?
www.xe.com/currencycharts/?from=GBP&to=ARS&view=10Y
seems like the world disagrees with you.
And the cars keep rolling out the asembly plants...You do not like it??/Well I do not care....We are OK,and the fture looks good for Argentina.The dreams of virtual currency and all that crap is headings toward disaster..You want to bet guys???Too artificial had become the world...paperless currency...It is all crap,doomed to failure!
20. What is that nonsense you are spouting? I think your translation software is off. Isn't the peso a paper currency? I wouldn't rely on car mfg for much longer aren't they idling plants right now?
No surprise there then!
For all the Argie Numbnuts: pesos inflation = less value in the money; inflation means exports cost less but imports cost more. Once the inflation adjusted 'margin' is known, guess what - that is also worth less!
Downward spiral.
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