Argentina’s 2022 GDP shows improvement from previous year

Argentina’s 2022 GDP shows improvement from previous year

Argentina’s Gross Domestic Product (GDP – the sum of all products and services traded) grew by 5.2% in 2022, a 1.9% improvement from 2021, the National Institute of Statistics and Census (Indec) reported Thursday in a study that also showed that last year’s fourth quarter GDP was 1.9% higher than that of the same period of 2021, but 1.5% below the third quarter of 2022.

The document also showed that, during the fourth quarter of 2022, there was a 0.1% increase in gross fixed capital formation, while private consumption grew by 5.1%, public sector consumption declined by 2.1%, and exports of real goods and services recorded an 8.6% increase. In seasonally adjusted terms, imports fell by 8.6% against the third quarter of 2022, while private consumption recorded a 1.5% decrease, public sector consumption fell by 0.3%, exports rose by 8.7%, and gross fixed capital formation recorded a 7.2% decline.

Meanwhile, unemployment fell to 6.3% at the end of last year, an improvement from the 7% recorded in the same period of 2021 and also from the 7.1% recorded after the third quarter of the same year.

On the other hand, claimant underemployment, which comprises people who work up to 35 hours per week and want to add more hours, reached 7.1% in the last quarter of 2022, down from 8.6% in the same period of 2021, while non-demanding underemployment stood at 3.8%, compared to 3.5% in the fourth quarter of the previous year.