GDP grew 1% in the second quarter of the year

The Gross Domestic Product (GDP) grew 1% in the second quarter of the year in seasonally adjusted terms compared to the first quarter of 2022. In this way, it has already accumulated six consecutive increases.

The National Institute of Statistics and Censuses (Indec) released the information this Tuesday, September 20, on which it highlighted that GDP growth compared to the same period of the previous year, showed an increase of 6.9% in the second quarter.

Regarding demand, the organization highlighted that all components showed an increase compared to the first quarter in seasonally adjusted terms: gross fixed capital formation grew 7.8%; public consumption increased 0.2%; private consumption, 1.8%; and exports, 3.5%.

Among the components of demand, he highlighted that the greatest increase was observed in gross fixed capital formation, with an increase of 18.8% year-on-year. And in the activity sectors, the increases in Hotels and restaurants stood out with a rise of 53.9% year-on-year, Fishing 24.1% year-on-year, and Exploitation of mines and quarries 15.5% year-on-year.

According to INDEC, the macroeconomic evolution of the second quarter of 2022 determined, according to preliminary estimates, a variation in global supply, measured at 2004 prices, of 9.9% compared to the same period of the previous year, due to to a growth of 6.9% of the GDP and a variation of 23.1% in imports of real goods and services.

At the same time, he stressed that in global demand there was an increase of 18.8% in gross fixed capital formation, private consumption grew 10.7%, exports of real goods and services registered an increase of 9.3 % and public consumption rose 5.3%.

The agency finally highlighted that in seasonally adjusted terms, with respect to the first quarter of 2022, imports grew 2.9%, private consumption registered an increase of 1.8%, public consumption rose 0.2%, exports grew 3 .5% and gross fixed capital formation had an increase of 7.8%.

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