Argentina GDP per 1 sq. 2022

GDP growth lost momentum in the first quarter, falling to 6.0% year-on-year from 8.9% in the fourth quarter last year. The first quarter reading was the worst since the first quarter of 2021.

The slowdown was broadly based on weakening private consumption, public spending, fixed investment and exports. Private consumption growth fell to 9.3% in the first quarter, the weakest growth since the first quarter of 2021 (Q4 2021: +10.0% yoy). Government consumption grew at the slowest pace since Q3 2020, up 6.5% (Q4 2021: +11.8% yoy). Meanwhile, fixed investment growth fell to 12.7% in the first quarter, the worst performance since the third quarter of 2020 (Q4 2021: +14.7% y/y).

On the external front, growth in exports of goods and services fell to 9.3% in the first quarter, the worst performance since the second quarter of 2021 (Q4 2021: +22.5% y/y). Conversely, growth in imports of goods and services accelerated to 28.1% in Q1 (Q4 2021: +22.1% YoY).

On a seasonally adjusted quarterly basis, economic growth slowed markedly to 0.9% in the first quarter, compared with 1.9% growth in the prior period. This was the worst performance since the second quarter of 2021.

Analysts at FocusEconomics forecast economic growth of 2.6% in 2022, up 0.2 percentage points from the previous month’s forecast. In 2023, analysts see growth at 1.9%.