Day: June 29, 2020

Fall of the Argentine economy in the first quarter was 5.4% of the annual GDP

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Some 100,000 businesses will not survive the pandemic, and the drop in hotel and restaurant activity (83% in April, 83% in May and about 79% in June) makes one fear a massive closing in Buenos Aires. The Argentine Social Debt Observatory estimated that this year up to 900,000 people in the informal sector would lose their jobs, and child poverty will rise from 53% to 58.6%. UNICEF said that since the beginning of the quarantine, 59% of households (approximately 15 million people) have seen their income fall. More than half of private wage earners received up to 75% of their pre-pandemic wages.

2.4 million people bought dollars in May

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About 2.4 million people bought dollars in May for savings, twice as many as in April. Net foreign exchange purchases were $534 million, and average per capita purchases were $190. International reserves decreased by $980 million in May, according to the Central Bank’s Foreign Exchange Market and Balance Sheet Report.

Corn planting in the 2020/2021 season could fall by 10%

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While the 2019/2020 corn harvest is progressing, where it has reached 78.3% so far, the Rosario Stock Exchange (BCR), less than three months before the beginning of the planting, projected a drop in the area in the order of 10%. The reasons are the increase in costs, inputs and freight, but also climate and economic uncertainty.

Estimated 20% drop in the economy

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Analistas privados prevén que el derrumbe en términos interanuales oscilará entre 18,5% y 23,5%. Según los indicadores oficiales que se conocen del cuarto mes del año, la utilización de la capacidad instalada en la industria se ubicó en el 42% y el Índice de Producción Industrial, arrojó una caída del 33.5% interanual. Así se estimó que la economía cayó 19.2% anual en abril, con una contracción del 9% con respecto a marzo.