According to data from the INDEC, the unemployment rate was 13.1% between April and June, 2.5 points more than in the same period in 2019, which was 10.6%. The total loss of jobs was 3.9 million. The 2020's Q2 was the most affected by the quarantine due to coronavirus, with a GDP's fall of 19.1% year-on-year.
Estimates for the 2020/21 campaign detail that total grain production would be 120.8 million tons, which shows a drop of 6.1% concerning the previous cycle, while income from exports would show a contraction of 3% to reach $25.15 billion.
The sale of real estate in Buenos Aires City registered in August a decrease of 45.9% concerning the level of a year before. The total amount of transactions carried out decreased by 41.2%. It is the twenty-seventh consecutive month with a drop in the year-on-year measurement.
Metrotel and Silica Networks are two essential players in the telecommunications sector. The companies partnered in a joint investment of 10 million dollars for the construction of a new route of their networks to link Buenos Aires with the mooring stations of the submarine cables of international connectivity that arrive at the town of Las Toninas, in the Municipality of La Costa. The work included the construction and lighting of a high capacity fibre optic line of more than 450 kilometres.
Moody's estimates that communication A 7106, which restricts the access of indebted companies to the official dollar market to cancel their obligations, will harm the capacity of local companies to pay in time and form. For the financial firm, the capital maturities of negotiable obligations (corporate bonds) between October 15, 2020, and March 31, 2021 (the period in which, in principle, this limitation applies) total $12.53 million.
Due to strict restrictions on mobility and production to prevent the spread of Covid-19, Argentina's Gross Domestic Product (GDP) plummeted by 19.1% in the second quarter of 2020, compared to the same period last year. Thus, it accumulated a 12.6% year-on-year contraction in the first semester.
The economic impact of grain crops is essential because these chains alone accounted for more than 40% of exports in the first half of the year. This industry is probably one of the most significant productive economic events for the country, for its macro economy, for employment and the supply of dollars. Beyond the excellent export performance of these complexes, the activity is hedged by high tax pressure.
The shares of Argentine companies fell after the settlement of the sovereign debt, the destruction of the value of companies listed in New York shows it: $ 13 billion were lost from August 3, one day before the settlement of the debt, until Friday last week, a fall of 17%. The figure comes from comparing the stock market capitalization of 14 Argentine companies that quoted on the US market; the banks were the most affected.
After investing $10 million to expand production capacity, Rabieta completed yesterday the shipment of the first container of the three scheduled to export 150,000 cans of craft beer to China and already has in its portfolio the next destinations: The United States, Uruguay and Spain. The brewery is in Pilar and can produce more than 200,000 litres per month and the possibility of canning 33,000 cans per day. The company is part of the Dagma group, owner of Mega Alfalfa, Federal Energy Company (Efesa, in La Rioja) and with the concession of the Palermo racetrack.
Breeders and authorities of the National Equine Industry Chamber warned that they are living the worst year in the history of the activity: in the time that there were no races due to the mandatory quarantine, in the area they lost income for about 10,000 million pesos ($132.29 mn). The lack of races also discouraged breeders' investments and, they estimate, this will show in a 20% decrease in the births of racehorses and thoroughbreds. Argentina is the fourth world producer of thoroughbred racehorses -with 9000 foals per year-, and it estimates that for each horse there are between 5 and 7 people linked to the activity. It is one of the areas that generate the most employment in the sector.