MercoPress. South Atlantic News Agency
Argentina's economy picks up 1.1% during first quarter compared to a year ago
Argentina announced that this agriculture year it will reach a record harvest of 116 million tons with soybeans making over half of the total Argentina's GDP increased 1.1% during the first three months of 2015 compared to the same period last year, boosted by the domestic market and growths in the agricultural and construction sectors, the official Indec statistics bureau has revealed. This is the second quarter running that records an advance, following a drop in last year's third quarter.
April's activity also increased 1.7% compared to the same month a year ago. The good performance of farming has been decisive in the encouraging data despite the fall in commodities international prices.
In effect according to Argentina's Agriculture, Livestock and Fisheries Ministry, agricultural production will reach a record production of 116 million tons this year, with soy making up for half of the total increase.
Indec reported domestic market activity also increased significantly, with a 6.9% hike in supermarket sales in March, compared to the same month of 2014. Shopping center sales also increased, going up by 7.3% in March.
Meanwhile, construction works grew 6.9% in March, accumulating a 5.3% hike in the first three months of 2015.
Trade surplus increased by 43 million dollars, a 33% decrease compared to March 2014, while industrial activity also dropped: 1.9% in March compared to the same month last year.
On the other hand Argentina's current account during the first quarter of the year reported a deficit of 3.7bn dollars, of which 452m from the trade and services balance and 3.2bn from income, capital and foreign investments.
Likewise international reserves in Argentina's central bank increased 384 million dollars during the first three months of the year.
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Read all commentsGads what lies. How could GDP increase when there's 30-40% inflation and exports are running 30% + less than last year and mfg is down for the 22nd straight month.
Jun 28th, 2015 - 11:57 am 0Do the Kidiots think anyone will believe this?
Silly fools they're only fooling themselves and making their people poorer and dumber every day, day in and day out.
I'd like this to be true except INDEC has a proven track record of lying.
Jun 28th, 2015 - 11:58 am 0The “trade surplus” may have increased only because BCRA didn't count or pay for stuff when they should have.
Jun 28th, 2015 - 12:09 pm 0Its estimated they owe U$9B in over due payments to importers.
Everyone is demanding Cash Before Delivery now.
The float they've used for so long is gone.
It won't be long now before it comes to a head.
They're done exporting Grains so there's nothing left until next year.
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