Two workers unload cement at a construction site in the city of Buenos Aires, Argentina, in a file photo. EFE / Demian Alday Estévez
Buenos Aires, Oct 21 (EFE) .- Economic activity in Argentina experienced a growth of 12.8% in August compared to the same month of 2020, the sixth year-on-year increase after 19 consecutive months of decline, official sources reported this Thursday .
This growth is largely explained by a low comparison base, since in August 2020 economic activity was still affected by the health restrictions imposed at the end of March last year by the Government of Alberto Fernández due to the outbreak of the pandemic of covid-19.
On the other hand, the data released this Thursday by the National Institute of Statistics and Censuses (Indec), which serves as a provisional advance to measure the quarterly variation of the gross domestic product (GDP), shows that in August economic activity grew on 1, 1% compared to July, adding three consecutive months in positive, after the stagnation registered between February and May.
In the first eight months of the year, economic activity accumulated an increase of 10.8%.
The Indec report reveals that, of 16 activities included in the indicator, all the productive sectors showed year-on-year improvements in the eighth month of the year.
According to the data released this Thursday, the sectors that showed the highest magnitudes of increase were hotels and restaurants (35%) and construction activity (26.7%).
Meanwhile, the least dynamic sectors were fishing (2.8%), agriculture (0.8%) and financial services (0.3%).
Severely affected by the covid-19 pandemic, Argentina’s GDP experienced a 9.9% collapse in 2020.
According to the 2022 Budget project, the Argentine economy would end this year with a recovery of 8%, ending a three-year cycle of severe recession, and would grow by 4% in 2022.
Meanwhile, the projections of private economists that the Argentine Central Bank consults on a monthly basis for its expectations report are slightly more moderate: according to their forecasts, the Argentine economy will recover 7.6% in 2021 and expand 2.3% the next anus.