Argentina's economy grew 7.7% in September from a year earlier, the government said on Friday, beating market expectations and marking the 25th straight month of growth.
Argentine economic activity grew at a steady pace in October but there are signs that growth will cool in the coming months, local consultants Orlando J. Ferreres & Asociados, OJF, said Thursday.
The Latin American economy has entered a declining phase and will further slow down in coming months according to a report from the Brazilian think-tank Getulio Vargas Foundation, FGV.
Argentina announced Wednesday a further adjustment to its extended public utilities (electricity, water and gas) subsidies policy and this time the cuts will apply to large companies and high income households.
Economy Minister Amado Boudou and Planning Minister Julio de Vido announced Wednesday in a press briefing, a full lift on subsidies; a decision which will reach various public sectors, including electricity gas and water companies. The changes imply annual fiscal savings of 600 million pesos (140 million dollars).
At the end of the current year Brazil’s GDP will rank sixth in the world and for the first time ahead of Britain’s GDP, according to the Sao Paulo media based on reports from IMF and private consultants.
The World Bank Board approved a 260 million dollars loan to support the Uruguayan government’s reform program in order to consolidate growth with social equity and provide a line of financing to address the impact of the current uncertainty in global economic affairs.
The Uruguayan government will concentrate efforts in promoting economic growth, (debilitated in the second quarter), plus reducing domestic debt, even to the expense of “weakening the credibility of the inflation target”, according to the Economist Intelligence Unit, EIU, from The Economist magazine.
Former Brazilian president Lula da Silva recommended European Union leaders to stop discussing balancing budgets and recapitalization of banks and find a solution to the current crisis through more economic growth, more trade and more jobs.
The Uruguayan economy is forecasted to expand 5.5% this year generating 40.000 new jobs, and 4.5% in 2012, according to “Prospects and Tendencies” announced Thursday by the Economy Institute from the Economics Faculty.