Argentina recorded growth of 5.2 percent in 2022 year-on-year, according to preliminary data published by the government on Thursday.
If verified, the figures would mean that Latin America's third-largest economy grew slower than the 10.3 percent registered in 2021, but the first time in more than a decade recorded two consecutive years of expansion.
The new data comes from the INDEC national statistics bureau’s monthly estimate of economic activity (EMAE). According to the body, gross domestic product declined 1.2 percent in December compared to the same month the previous year.
Fishing was the sector banking the highest year-on-year expansion in December, with 15.5 percent growth, according to INDEC, whose data anticipates GDP. The hotels and restaurants sector rose 10.8 percent over the same period, while agriculture took
The activity that fell the most in the last month was agriculture and livestock, falling 18 percent, exacerbated by a year of a severe drought. Manufacturing (down 2.1 percent) and construction (down 1.7 percent) also fell.
Chronic inflation which reached 94.8 percent in 2022 prevented the country from reaping some of the fruits of its economic growth.
Argentina also has to remain fiscally disciplined as part of a loan refinancing agreement with the International Monetary Fund.
According to the International Monetary Fund, the economy will grow by two percent in 2023, above the projected regional average.