LatinNews Daily - 23 March 2023

In brief: Argentina’s GDP contracts in Q4 2022

* Argentina’s national statistics institute (Indec) has released the latest figures on economic activity which shows that the economy contracted by 1.5% in the fourth quarter of 2022 as compared to the previous quarter. This follows quarterly growth of 1.4% in Q3, 0.8% in Q2 and 0.9% in Q1 last year. In year-on-year terms, GDP grew by 1.9%, with the biggest increases in hotels & restaurants (+20.0%), private households with domestic services (+13.0%) and quarrying & mining (+11.1%). The only sectors to record yearly contractions were agriculture, livestock, hunting & forestry (-10.3%), fishing (-9.9%) and financial intermediation (-2.4%). For the whole of 2022, Indec reported yearly growth of 5.2%, with the only decrease reported in agriculture, livestock, hunting & forestry (-4.1%). Hotels & restaurants (+35.0%), quarrying & mining (+13.5%) and private households with domestic services (+10.3%) recorded the largest yearly increases.

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