Business

Argentina's Economic Growth Slows Down

Buenos Aires, May 19 (IANS): Argentina's economic growth rate slowed down significantly in the first quarter of 2012, compared on a yearly basis, according to a report published by the nation's statistic agency.

The official data showed that the growth rate was 4.8 percent in the first three months of this year, falling by more than four percentage points compared with the same period of last year, reported Xinhua.

Economic activity in March rose by 4 percent year-on-year and 0.5 percent over that in February, which is the lowest in the past 28 months, said the report Friday.

It noted that macroeconomic performances in Argentina are still sound despite declining growth rates.

The country's tax revenue was 148.49 billion Argentine pesos ($33.29 billion) in the first quarter of 2012, up 29.1 percent year-on-year.

Its trade surplus reached $2.9 billion in the period, higher than that registered in the same period last year.

The Argentine government expects the economic growth rate in 2012 to reach 5.1 percent, but many experts put it between 3.4 to 4 percent due to high inflation and sluggish global economy, among other factors.

Comment on this article

  • Ron, karnataka

    Sun, May 20 2012

    Argentina was always slow. In the year 2000 I had bought their Sovereign Bonds worth face value 76 thousand USA $.via NY Stock exchange & till today I have not heard what has happened to them. They defaulted on interest payments right from the year 2001 or so. These bonds were supposed to be maturing in 2006 but no news. Recently I had written to Indian Embassy in Argentina as well to Argentina Embassy in NEW DEHI, I have not received any replies. Can the Indian Foreign ministry under Mr. S.M. Krishna look into it or is it a too small sum for him to order an investigation. Can any one guide me how to get the issue resolved. Pl call me on Mob.9060661500 or email me on cccrc@airtelmail.in

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