The economy grew by 0.9% in the first quarter of 2022

Economic activity from January to March 2022 grew by 0.9% compared to the fourth quarter of last year and accumulates a rise of 6% year-on-year, as reported by the National Institute of Statistics and Censuses this Thursday. In addition, despite the fact that it registers its third consecutive rise, after 1.9% in the fourth quarter of 2021 and 4.1% in the third quarter of last year, it shows a slowdown.

From the Economy portfolio they estimated that with these numbers “we calculate that the economy will end the year with a growth of at least 4.2%”.

Almost all components of demand showed an increase compared to the previous quarter in seasonally adjusted terms. Thus, investment grew 3.3%, private consumption increased 3.2% and public consumption, 0.7%. Only exports contracted (-2.3%), a phenomenon that, on the other hand, contrasted with the seasonally adjusted growth of 7.6% in imports in the quarter.

In addition, within the report, INDEC adjusted the growth figure for last year, which was corrected to 10.4%, compared to the provisional estimate of 10.3% made at the beginning of this year.

In the year-on-year comparison, the greatest increase was observed in Investment, which grew by 12.7% year-on-year (yoy) and has already accumulated six quarters with double-digit increases. On the side of the sectors of activity, the increases in Hotels and restaurants (33.6% yoy), Exploitation of mines and quarries (13.4% yoy) and in Transport, storage and communications (12.2% yoy).

Of the 17 branches of activity, only two of them closed the first quarter of the year with negative numbers: Agriculture, livestock, hunting and forestry, (-0.1% yoy) and Fishing with (-3.5% yoy).

Private Consumption grew 9.3% year-on-yearand reached the fourth consecutive rise, while the Public Consumption grew 6.5% year-on-year. As for the Exports, which grew 9.3% year-on-year, also marked their fourth rise in a row, while Imports advanced by 28.1% year-on-year.

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