Argentina outperformed its primary fiscal deficit target for 2018, Economy Minister Nicolas Dujovne said on Friday, assuring that the country’s standby finance deal with the International Monetary Fund remains on track.3 comments
Wholesale prices in Argentina shot 73.5% higher in 2018, government data showed on Thursday, the fastest rate since 2002 when they climbed 118% during an economic crisis that tossed millions of middle-class Argentines into poverty.3 comments
A group of creditors has demanded payment on a US$ 1.5 billion Venezuelan bond that is in default, their lawyer said on Monday, kicking off a long-awaited showdown between creditors and the crisis-wracked OPEC nation. President Nicolas Maduro’s government and state-owned companies owe nearly US$ 8 billion in unpaid interest and principal following this year’s default on bonds amid a hyperinflationary collapse of the country’s once-wealthy socialist economy.
Manufacturing in Argentina fell 6.8% in October year on year, while construction declined 3.7%, and in the first ten months of this year 2.5% and 4.9% respectively according to the Indec statistics bureau report. Firms were hit hard by a contraction in economic activity and the devaluation of the Peso against the US dollar.
The industrial production in Argentina dropped 4.8% in October compared to the same period a year ago, accumulating a seven-month consecutive slide, according to the Center of Economic Studies from Orlando Ferreres. Between January and October manufacturing activity registers a 3.5% contraction relative to the same period in 2017.
Argentina’s peso slipped on Tuesday, a day after the central bank’s new governor reassured the public that its approach to taming the country’s rocky economy would be sustainable over the medium term. The peso closed 0.46% weaker at 36.65 per U.S. dollar. The currency has fallen 0.30% against the dollar this week, although it has climbed 12.63% since the beginning of the month.
Argentina's primary deficit fell to 1.1% of Gross Domestic Product (GDP) between January and September this year, compared to 2.1% over the same period in 2017, the Finance Ministry announced on Monday.
Industrial activity in Argentina dropped 4.1% in August compared to a year ago, completing a 0.8% contraction so far this year, according to a survey by the country's Industrial Union, UIA. However compared to last July industrial production was up 0.7%.
The number of incoming tourists to Argentina is increasing month after month since the drastic devaluation of the local currency, while outgoing tourism has dropped significantly. According to the latest release from the country's stats office, Indec, 224.000 tourists arrived in Argentina during August, 7.4% more than a year ago, while residents travelling overseas dropped 11.9%, to 335.300.
August data for industry was only a slightly better figure than the previous month – in July, a decline of minus 5.7% was witnessed. In June, the sharpest, most pronounced fall of the year was witnessed: 8.1%, year-on-year.