Argentina’s GDP rose 2.5 % year-on-year in the first quarter of 2021

RIO DE JANEIRO, BRAZIL – Argentina’s gross domestic product (GDP) recorded a year-on-year rise of 2.5% in the first quarter of the year, the National Institute of Statistics and Censuses (Indec) reported Wednesday.

According to official data, Argentina recorded the first annual advance since the first quarter of 2018 – leaving aside the 0.4 % rise in the second quarter of 2019 – which, in large part, is due to a low base of comparison, since, on March 20, 2020, the total restriction on circulation began due to the Covid-19 pandemic.

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Meanwhile, the country’s GDP experienced in the first quarter a positive variation of 2.6% compared to the fourth quarter of 2020, making three consecutive quarters of increase. However, the monthly economic activity estimator had shown that it was only due to the growth in January, which was lost in February and March.

This improvement in the level of activity comes on the heels of the 9.9% economic slump recorded in 2020 as a whole, due to the effects of Covid-19 on the economy, which deepened a three-year recession.

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