Economy

Argentina Economy Misses Fourth-Quarter Estimates, But Has Record Year – BNN

Published

2 years ago

March 24, 2022

(Bloomberg) — Argentina’s economy grew less than expected in the fourth quarter but still had its best year since 2004 as the country emerged from a long and deep recession exacerbated by the pandemic.

Gross domestic product expanded 1.5% in the final three months of the year from the previous quarter, below economists’ expectations for 1.7% growth. GDP rose 10.3% in 2021, the best performance since the series began in 2004, according to data from the nation’s economic statistics bureau published Wednesday.

The unemployment rate fell to 7%, its lowest level since 2015, according to separate official data also published Wednesday. Salaried employment at the private sector has almost completely recouped losses seen during the pandemic, adding 188,000 jobs last year.

South America’s second-largest economy had been enjoying annual growth rates of about 10% in the past few months as it recovers from a very low base following a recession that started in 2018. Yet consumer prices rising more than 50% a year have largely eclipsed such gains, prompting President Alberto Fernandez to recently declare “war on inflation.” The central bank on Tuesday raised its key interest rate to 44.5%.

Read More: Stiglitz Chided After Praising Argentina’s ‘Miracle’ Economy

Argentina’s recovery gained steam in the second half of 2021, when an accelerated vaccination campaign allowed the economy to safely reopen after months of strict lockdown. Investment and public consumption drove growth in the fourth quarter, compared with the previous three months.

Growth is now expected to cool down. The government forecast activity to expand between 3.5% and 4% this year in a staff-level agreement to reschedule over $40 billion in debt payments with the International Monetary Fund. But private economists surveyed by the central bank in February see more modest growth of 3% for 2022, even before taking into account the impact that Russia’s invasion of Ukraine is having on commodity prices and inflation.

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

12 hours ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

Published

19 hours ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

2 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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