Argentina sees signs of economic recovery

RIO DE JANEIRO, BRAZIL – Argentina’s Minister of Economy, Martin Guzman, said Thursday that there are signs of “recovery” in its economy after the South American country recorded year-on-year increases in industrial activity and construction.

“The Argentine economy is recovering in a solid and heterogeneous way; it is a problem that requires the action of public policies to contain the sectors that do not yet see the consequences of the recovery,” said Guzmán during a working table in the province of San Juan (east).

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In his speech, the Argentinean Minister of Economy emphasized that “we must bet on industry” because, without industry, he said, “there is no future”.

He also recalled that “construction is recovering” and “the value of exports as well” and added that in regional economies, Argentina has presented “a very active policy for their recovery”.

During this day, the National Institute of Statistics and Census (Indec) reported that the construction activity in the country registered last June an increase of 28.6% compared to the same month of 2020.

The same happened with the national industry, which experienced year-on-year growth of 19.1% and an advance of 10.5% compared to last May.

“The Argentine economy started to recover and at a faster rate than the countries in the region,” reiterated the Argentine minister.

Guzmán also assured that his government is “building conditions for Argentina to settle on a more lasting path of macro stability” and clarified that “it is not enough to redistribute; it is necessary to grow and add value to production”.

The Argentinean official emphasized the need to have “a balanced recovery”, in which consumption plays an “important role,” but was that investments continue to grow to generate greater production and a sustained economic recovery over time.

According to official figures, the variation of prices, which accumulated a rise of 25.3 % in the first half of the year, the minister stated that there is a “reduction of inter-monthly inflation”, which continues at “high levels”.

“One of the main objectives of the macroeconomic policy is reducing inflation because we consider it an evil in the normal functioning of the economic system”, stressed the Argentine Minister of Economics.