
Argentina's economy grew by a wide margin in June on the back of a consumer spending spree and solid demand for the country's grains and manufactured goods overseas, according to the national statistics office, Indec.

The Fitch rating agency decided to maintain a positive rating outlook for Argentina, although it warned about the effects of inflation.

Argentina's official inflation was up to 0.8% in July, the government reported on Monday, but private analysts said the real rate was about double that.

Argentina’s “Congress inflation index” reached 1.62% in July, confirming well over 23% for the last twelve months according to the latest release from the Lower House.

Salaries in Argentina averaged an increase of 27.6% in the last twelve months to June, boosted mainly by agreements in the private sector, reported Monday the country’s National Statistics Institute, Indec.

Argentina's trade surplus fell 22% on the year in June. Trade surplus last month 1.02 billion dollars, down from a revised 1.31 billion in June 2010, according to the national statistics agency, Indec.

Economic activity in Argentina expanded 8.1% in May over a year ago and 8.9% in the first five months of the year according to the country’s Statistics and Census Office, Indec.

According to Argentina’s statistics office Indec consumer inflation was 0.7% pushed mostly by the cost of clothing. However private economic consulting offices estimate the index was double the official announcement.

The Argentine Central bank has purchased so far this week 500 million US dollars to ensure that the country’s exporters retain a favourable exchange rate and importers are not that tempted to buy foreign goods.

IMF said on Wednesday that it is assessing the quality of Argentina's reporting on economic data based on a report presented by the fund’s management which recently visited the country member.