According to the National Institute of Statistics and Censuses (INDEC), the Gross Domestic Product (GDP) reflects “the economic activity of the productive units residing in the territory. The economic territory of each province coincides with its geographical limits. A productive unit is resident in an economic territory when it has a center of economic interest in said place.
Therefore, the institution does one of its many tasks by keeping this economic indicator up to date and observing how it fluctuates over time. Yesterday, the INDEC issued a report that reflects the activity of the GDP in the second quarter of 2022: this grew by 1% in seasonally adjusted terms compared to the first quarter of the year.
The report of GDP issued by INDEC shows that, in terms of demand, all components showed an increase compared to the first quarter in seasonally adjusted terms. On the one hand, gross fixed capital formation grew 7.8%; public consumption increased 0.2%; private consumption, 1.8%, and exports, 3.5%.
Regarding the original GDP series, compared to the same period of the previous year, the INDEC assured that there was an increase of 6.9% in this second quarter. And the most demanded components? The largest increase was observed in gross fixed capital formation, with 18.8% year-on-year; Regarding activity, the increases in Hotels and restaurants (53.9%), Fishing (24.1%) and Exploitation of mines and quarries (15.5%) stood out.
And the macroeconomic evolution?
Speaking of macroeconomic developments of this period, it was determined “a variation in global supply, measured at 2004 prices, of 9.9% with respect to the same period of the previous year, due to a 6.9% growth in GDP and a variation of 23.1% in imports of real goods and services.
Regarding global demand, an increase of 18.8% was observed in gross fixed capital formation, private consumption grew 10.7%, exports of real goods and services registered an increase of 9.3% and, finally, public consumption rose by 5.3%. Imports, compared to the first quarter, 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%.
Links to know more
- Quarterly global supply and demand series. Years 2004-2022 http://www.indec.gob.ar/ftp/cuadras/economia/sh_oferta_demanda_09_22.xls
- Seasonally adjusted quarterly series of global supply and demand. Years 2004-2022 http://www.indec.gob.ar/ftp/cuadras/economia/sh_oferta_demanda_desest_09_22.xls
- Series by sector of economic activity: gross value of production and gross value added. Years 2004-2022, by quarter http://www.indec.gob.ar/ftp/cuadras/economia/sh_VBP_VAB_09_22.xls
- INDEC Methodology No. 21, National Accounts: Estimation Methodology http://www.indec.gob.ar/ftp/cuadras/economia/metodologia_21_cuentas_nacionales.pdf
- Update of sources and methods for the 2019-2021 revision of the quarterly national accounts and COU 2019 https://www.indec.gob.ar/ftp/cadres/economia/actualizacion_cuentas_nacionales_2019_2021.pdf