Argentina July Growth Surprises

Argentina’s economy expanded 9.1%, year-on-year, in July, taking growth for the first seven months of the year to 8.5%. The strong growth – the strongest since last November – surprised most analysts who had forecast an increase of 8.3% for the period. Economic expansion was 1% up on June, according to Argentina’s national statistics institute (INDEC), which published the figures. The market is now looking forward to August’s performance to compare it to the same month last year when the economy had its strongest growth of 10.5%. Some believe GDP may expand at around 9% this year to match last year’s expansion.