Inflation accelerated last month in Argentina at the fastest pace in 18 months, threatening to derail the fragile economic recovery six months before key midterm elections. Consumer prices in Argentina rose 4.8% in March from February, according to the INDEC national statistics bureau. The monthly figure was the highest since September 2019. Annual inflation reached 42.6 percent in March. Prices have now risen 12.4 percent in the first quarter.
Moody's changes banking system outlooks to stable in Argentina, Paraguay and Panama. Outlook change to stable from negative was prompted by improving operating conditions in Paraguay and Panama. The outlook of Argentina’s banking system was also changed to stable from negative driven by banks’ relatively strong fundamentals, despite increasingly challenging operating conditions.
The Argentine government raised Ar$37.80 billion ($407.72 million) after a tender called to raise at least Ar$75 billion ($808.90 million), or just 50.5% of what it was seeking despite having accepted all the purchase bids it needed to pay the financial debt maturing in the next few days.
Argentina's government created a registry of beef exporters among other measures to curb under-invoicing, which authorities fear has been going on for a while now. The announcement was made by the Office of the Cabinet Chief (Santiago Cafiero). The goal is to improve the monitoring of beef exports and the supply to the domestic market, the government said in a statement.
The government admitted that the road blockade in Neuquén, near the Vaca Muerta gas field, will affect gas production for next winter. This will mean importing more supply or burning liquid fuels, which are more expensive and pollute more.
After falling from 33.8% to 30.9% of GDP between 2015 and 2019, Argentina's tax burden rose to 32.4% in 2020 and targets 33.1% in 2021, resuming an upward trend.
Yesterday, the Government launched a package of 56 measures to promote 4.0 technology in the productive national framework. The total investment will be more than 12.5 billion pesos ($134.89 mn). The initiative aims at improving competitiveness, strengthening the generation of quality employment and boosting exports.
Morixe, a flour mill, revealed the figures of its partial balance sheet covering the period from June 1, 2020, to February 28 of this year: in that period, it recorded a profit of 123 million pesos ($1.33 mn), which contrasts with the loss of 126.9 million pesos ($1.37 mn) it had incurred in the same period of the previous year.
Argentina exported an estimated crop of 220 tons of Chandler walnuts to Italy and Spain from the Uco Valley, a producing area where a drying plant was installed with an investment of $2.1 million to market these high-quality nuts to Argentina and the world. It is the second export after the 100 tons shipped last year.
Argentina exports 128.8 million litres of Malbec wine to 119 countries in 2020Malbec is Argentina's flagship grape variety and, therefore, the most cultivated in the country. Its production increased 52% from 2010 to the present. Last year, 128.8 million litres were exported for all its categories, equivalent to $373.04 mn. Malbec accounted for 45.87% of total exports, and during 2020 119 countries received at least one shipment.