(Bloomberg) -- Argentina’s economy capped a strong second half of growth as it emerged from a long recession last year ahead of an expected new deal in the coming weeks with the International Monetary Fund.
Economic activity in December rose 0.9% from the prior month, in line with economists’ expectations. From a year ago, the economy expanded 9.8% in the final month of the year, according to government data published Wednesday. The annual figure was below expectations for an 11% gain.
In December, tourism and transportation posted the largest annual gains. The government estimates that the economy grew about 10% for all of 2021, following three years of recession.
The economy grew on a monthly basis in five out of the last six months of 2021.
Economic growth will be a focal point in Argentina’s pending program with the IMF to reschedule payments on about $40 billion of outstanding debt. While the government forecasts 4% growth for 2022, IMF officials project a weaker expansion, of 2.5%.
©2022 Bloomberg L.P.
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