April, with a historical fall, was the floor for the level of economic activity (the economy then contracted by 26.4%). It estimates a collapse in the second quarter of the year around 20%. A rebound is also forecast for the second semester, although it will not reach pre-pandemic levels.
Argentina’s cost of production fell by 0.69% in May compared to April but rose by 5.03% compared to the same month in 2019. The main variables that contributed to the increase were the cost of construction, electricity, logistics costs, private wages, raw materials, labour disputes, interest rates and insurance payments.
Gold prices climbed Tuesday, boosted by a falling dollar and expectations of further stimulus measures to revive economies impacted by the pandemic. It rose 1.5% to $1,842.52 an ounce, its most significant daily rise since early May. Gold futures in the United States, meanwhile, also closed with an increase of 1.5% to US$ 1,843.9 per ounce. Silver surpassed the threshold of $20, in cash climbed 6.4% to $21.18 an ounce.
It estimates that the 50 most enormous fortunes in Argentina, all of them over $300 million, through the participation they have in their multiple companies originate around 14% of the GDP with a strong presence in the fields of energy, telecommunications, pharmaceutical business, retail and financial intermediation.
The conflict between mayors of the ruling party PJ that threatens the company’s concession could ended in another multimillion dollar lawsuit that could cost Argentina $16.5 billion.Reality shows that Argentina always pays. Despite its bad reputation as a payer, it has already paid out billions for expropriations, change of contracts into local currency, and debt in default in international courts, and has at least $8.75 billion in lawsuits pending.