The Argentine economy grew 5.9% year-on-year in the third quarter of the year and improved by 1.7% compared to the second quarter, reported the National Institute of Statistics and Censuses (INDEC). In the first nine months of the year, the production of goods and services accumulates a growth of 6.4%, compared to the same period of the previous year.

In the seasonally adjusted comparison, with respect to the second quarter of 2022, imports grew 2.0%, private consumption registered an increase of 1.4%, public consumption fell 1.7%, exports fell 3.7% and investment decreased by 0.8%.

In demand, only private consumption experienced a quarterly increase, in seasonally adjusted terms, with 1.4%. Exports decreased 3.7%, Public Consumption, 1.7%; and the Gross Formation of fixed capital or investments fell 0.8%.

Regarding the sectors of activity, the year-on-year increases in Hotels and restaurants stood out, with an increase of 37.3%, Exploitation of mines and quarries, which improved by 14.4%, and Other community, social and personal service activities with 9.8%

Below the general level were real estate, business and rental activity with an increase of 5.8%, education with 4.5%, private households with domestic service 4.3%, social services and health with 0.9% and financial intermediation with 0.1%.

In 2021, Argentina’s GDP registered an improvement of 10.4%, after the paralysis in activity registered the previous year due to the coronavirus pandemic.