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Montevideo, July 20th 2018 - 14:40 UTC

Argentina: Approval of reform bills triggers markets

Friday, December 22nd 2017 - 09:56 UTC
Full article 3 comments
The president Mauricio Macri administration expects the economy to grow around 3% this year following a 2.2% percent contraction in 2016. The president Mauricio Macri administration expects the economy to grow around 3% this year following a 2.2% percent contraction in 2016.
Argentine stocks were driven by the approval of the pension and tax reforms passed this week in the House of Representatives. Argentine stocks were driven by the approval of the pension and tax reforms passed this week in the House of Representatives.

Merval, the main index of the Buenos Aires Stock Exchange, rose 1.51% Thursday, closing at 28,494.01 points - close to exceeding the maximum of the year, by 28,500 points. The Argentine stocks were driven by the approval of the pension and tax reforms passed this week in the House of Representatives.

 

Mauro Mazza, an analyst at Bull Market Brokers, said that the approval of the reforms was deemed positive by investors.

Meanwhile, the locally traded U.S. dollar closed up 0.98%, at 17.93 Argentine pesos due to coverage demand and seasonality in the most important increase in three months.

“The dollar had its highest value of the year due to the push of coverage purchases that have brought it closer to $ 18,” said Gustavo Quintana, an analyst at PR Corredores.

In related news the country's GDP product grew 4.2% percent in the third quarter compared with the same period last year and expanded by 0.9% versus the second quarter of 2017, the government’s Indec statistics agency said.

The president Mauricio Macri administration expects the economy to grow around 3% this year following a 2.2% percent contraction in 2016. Annual growth above 3% could trigger a payout of growth-linked debt instruments known as GDP warrants.

Argentina posted a current account deficit of US$8.68 billion in the third quarter of 2017, Indec said on Thursday, up from a deficit of $2.9 billion in the same period last year.

The current account is the broadest measure of a country’s foreign transactions encompassing trade, services, and financial flows including interest payments. Indec also revised the second quarter 2017 deficit to US$6.64 billion, up from US$5.95 billion previously, and the first quarter deficit to US$7.16 billion from US$6.94 billion previously.

Categories: Economy, Politics, Argentina.

Top Comments

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  • gordo1

    Pirat=Hunter

    Idiot!

    Dec 23rd, 2017 - 06:56 am 0
  • Lightning

    And once again Pirat-Hunter shows his brilliance:

    “Argentine Argentines awake mentally retarded. The British culminated the genocide of the Dakota by exterminating the buffalos, I do not understand why the retarded Argentines refuse to exterminate the fish that gives money for weapons to the British occupying the Malvinas illegally”

    Not even Enrique Massot would agree to this statement.

    Mind you, EM and Think and Voice are conspicuously absent all at the same time.

    Likely, they are cowering and cringing in silence, not wanting to make fools of themselves trying to defend the indefensible.
    DT, also

    Dec 23rd, 2017 - 07:06 pm 0
  • Pirat-Hunter

    The dollar in Argentina goes up because the stupid Argentinians puts the images of the dollar on tv for longer time then any paying commercial on tv. Stupid Is as stupid does. Despierten argentinos argentinos retardados mentales. Los británicos culminaron el genocidio de los Dakota exterminando los buffalos no entiendo porque los argentinos retardados se rehusan a exterminar los pescados que le da dinero para armas a los ingleses ocupando Malvinas ilegalmente.

    Dec 23rd, 2017 - 04:01 am -1
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