Argentina says economy grew 0.5 percent in first quarter under President Macri
Reuters
Published Jun 29, 2016 03:49PM ET
Argentina says economy grew 0.5 percent in first quarter under President Macri
BUENOS AIRES (Reuters) - Argentina said on Wednesday the economy expanded 0.5 percent in the first quarter compared with the year-earlier period, the first 2016 gross domestic product (GDP) data to be released by President Mauricio Macri's administration.
The number, published by the revamped Indec statistics agency, dramatically surpassed analysts' expectations of a 1.3 percent contraction for the January through March period, according to a Reuters poll.
Indec also revised its 2015 GDP growth figure to 2.37 percent from the 2.1 percent expansion that Macri's government had initially reported for last year.
Since Macri took office in December, he has tried to boost Latin America's No. 3 economy with free-market measures. He eliminated currency controls and grains export taxes, lowered utility subsidies, and settled a long-standing lawsuit with bond-holders that had kept the country in default.
Argentina's national statistics agency Indec had long been accused of reporting inaccurate economic data under former president Cristina Fernandez's government.
Macri's team overhauled the Indec to come up with accurate figures and reestablish confidence in its data.
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Written By: Reuters
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