MercoPress. South Atlantic News Agency

Argentine economy grows 8% in first half of 2006

The Argentine economy grew 8.2% in June compared with the same month a year ago, expanding at a slightly faster pace than in May, the Economy Ministry revealed in Buenos Aires Thursday.

June's economic growth, as measured by the government's monthly estimate of economic activity, or EMAE, was a shade below the 8.5% forecast in a central bank survey of economists.

The economy grew 8.1% in May 2006 compared with a year earlier, the ministry said, upwardly revising the 8% figure provided last month. The economy expanded 1.1% in May compared with April.

Economic activity grew by 0.4% in June compared with May, according to the EMAE, which tallies nearly all economic activity encompassed by the gross domestic product, which is published quarterly.

Argentina's growth has been boosted by high international prices for its export commodities, including soybean and grains, as well as steady increases in consumer spending and industrial output.

The country's construction and automobile industries have flourished as auto production jumped 36% in July from a year earlier, while construction-sector activity rose nearly 25% in June from the same month a year earlier.

The EMAE showed the economy grew 8% in the first half of 2006, compared with the same period of 2005.

Economic growth was about 9% in each of the last three years, and private analysts have forecast the full-year 2006 figure at over 7%.

The government