The Argentine economy recorded a growth of 0.7% in the first quarter of the year, compared to the previous quarter, exceeding analysts’ expectations that indicated a growth of 0.4%, according to government data issued Tuesday.
On an annual basis, the economy grew by 2.3% during the three-month period.
The quarterly expansion was driven by consumer spending, while capital investment, exports, and government spending declined compared to the previous quarter. The decline in imports also contributed to supporting growth.
On the other hand, unemployment rates rose during the same period, while wages continued to lag behind inflation.
Separate government data showed wages rose 3.7% in April, outpacing the monthly inflation rate. Since the beginning of the year, wages have increased by 11%, but have remained below the inflation rate, which reached about 12% during the same period.
