MercoPress, en Español

Montevideo, August 18th 2018 - 02:39 UTC

Tag: Argentine economy

  • Wednesday, July 25th 2018 - 05:36 UTC

    Argentina's stats office data reveals recession is round the corner

    May's 5.8% monthly decline, sharpest since July 2009, was mostly caused by Argentina's worst drought in decades, which harmed soybean and corn crops

    Argentina's economy shrank 5.8% in May versus the same month last year, government statistics agency Indec said on Tuesday, the second straight month of declines in a sign of looming recession and a possible GDP contraction in 2018.

  • Friday, July 20th 2018 - 07:21 UTC

    Argentina finances improving: half year primary deficit drops to 0.8% of GDP

    “The fulfillment of these goals (agreed with the IMF) is irreversible,” Treasury Minister Nicolas Dujovne said at a press conference.

    Argentina posted a primary fiscal deficit of 105.8 billion pesos (US$3.7 billion), or 0.8% of gross domestic product (GDP) in the first half of 2018, government data showed on Thursday, down 26.7% from the same period last year.

  • Thursday, June 21st 2018 - 06:55 UTC

    A good one for Macri: MSCI decides to reclassify Argentina as an emerging market

    For Argentina it is some rare positive news for its economy, as market-friendly Macri seeks to normalize the country’s international financial standing

    Index provider MSCI said on Wednesday it will reclassify Argentina as an emerging market and begin including Saudi Arabia in that classification, sharply broadening the investor base for both countries in a move that could be supportive of their equity markets. The decisions will be effective beginning in mid-2019.

  • Thursday, May 31st 2018 - 09:01 UTC

    Argentine Senate votes 37 to 30 to freeze utility rates; Macri expected to veto the bill

    Allegedly Macri had already drafted the veto, which if signed will sour a political relation with a divided opposition

    Following twelve hours of heated and at time acrimonious debate the Argentine Senate on early Thursday voted, 37 to 30, to freeze utility prices. President Mauricio Macri had anticipated that if the bill was passed he would veto it because there is no way the budget can stand an additional 1% of GDP deficit.

  • Monday, May 14th 2018 - 08:20 UTC

    The Economist: Will Argentina's woes spread?

    Argentina’s rate of inflation, which exceeds 25%, seems to belong to a lost world. Only in Egypt, Nigeria and Turkey is inflation even in double digits.

    Argentina has much in common with yesterday's emerging markets, but little in common with today's

  • Friday, May 11th 2018 - 05:39 UTC

    IMF and White House support Macri's economic reform program

    “I stressed my strong support for Argentina's reforms to date, and expressed the Fund's readiness to continue to assist the government,” Lagarde said

    International Monetary Fund chief Christine Lagarde said on Thursday she is ready to aid Argentina and wants talks on a financing package to be finalized quickly. Lagarde said she instructed the IMF team to continue discussions on a loan program with the goal to “reach a rapid conclusion.”

  • Wednesday, May 9th 2018 - 20:19 UTC

    US Dollar rises: Uruguay behind Argentina

    The exchange houses in the center of Montevideo today marked up to 31.70 Uruguayan pesos per dollar, a rise of 2.08% compared to Monday - the highest in five years. Photo: Sebastián Astorga

    After several days up in Argentina, the devaluation of the Argentine peso and the rise of the US dollar have had some impact on the other side of the River Plate, where the exchange houses of downtown Montevideo marked on Wednesday the value of the currency up to 31,70 Uruguayan pesos per dollar, a rise of 2.08% compared to Monday —the highest in five years—. For the Uruguayan government, the country follows the global trend and calls for calm, beyond the noise generated in Argentina, which is beginning a dialogue between the Finance Minister, Nicolás Dujovne, and the International Monetary Fund (IMF) in Washington.

  • Friday, March 23rd 2018 - 09:06 UTC

    Argentina expanded 2.9% last year; 2018 challenging given the persistent drought effect on crops

    The administration of president Mauricio Macri has pledged some credit and fiscal support for the embattled farmers.

    Argentina's economy expanded 2.9% in 2017 from the prior year and 3.9% in the fourth quarter versus the same period in 2016, the Indec statistics agency said this week. The year-over-year figure was slightly above the 2.8% annual growth rate given last month by Argentina's monthly economic activity indicator, seen as a proxy for gross domestic product.

  • Tuesday, February 20th 2018 - 09:23 UTC

    Union leader political rally in Buenos Aires to challenge Macri and his policies

    Moyano and his teamsters, supported by the bank employees and teachers unions are protesting against a 15% cap on the next round of salary negotiations

    The Argentine powerful teamsters union will be holding their first political rally in downtown Buenos Aires this Wednesday in a clear defiance of President Mauricio Macri's policies to combat inflation, launch the economy and attract foreign direct investors. Hugo Moyano a member of the unions' umbrella organization has promised to convene some 300.000 workers and has anticipated that any incidents will be the responsibility of the government.

  • Thursday, September 28th 2017 - 21:54 UTC

    Argentine economy picked up speed in July expanding 4.9% from a year earlier

    Construction is booming led by greater public spending on infrastructure projects, expanding private sector credit and rising interest from property developers

    Argentina's economic recovery picked up speed in July, expanding 4.9% from a year earlier as President Mauricio Macri's pro-growth policies appeared gain traction. July's year-over-year expansion is the highest posted by Argentina in more than two years and it moves the country closer to hitting its target of 3% growth this year.