1945

The Argentine economy once more expanded noticeably during 2008 and rising investment drove the capital formation ratio to 20.8%. There was a strong slowdown in the course of the year, however, reflecting the impact of the international crisis as well as a number of domestic factors. In the first few months of 2009, construction and manufacturing showed signs of a downturn, especially in sectors affected by consumption of durable and production goods, and agriculture was hit by a severe drought and uncertainty over prices and profits. Nevertheless, official indexes of aggregate economic activity continued to show positive year-on-year variations, in the first quarter. According to ECLAC projections, economic growth will be 1.5% in 2009. Unemployment remained historically low, although labour-market conditions continued to worsen and the manufacturing employment rate dipped towards the end of 2008 and into the early months of 2009. Variation in the consumer price index was estimated by the National Institute of Statistics and Censuses (INDEC) at 7.2% for 2008.

Related Subject(s): Economic and Social Development
Countries: Argentina
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