Food prices rose 1.3% in the first days of April, after having registered a rise of around 4% in March. It adds to a weekly rate of increase of approximately 1.1% in an almost persistent manner in the last six weeks.
The rise in international commodity prices has led to a reconfiguration of the analysis, and now the government anticipates foreign sales of $70 billion in 2021, an increase of 30% year-on-year. They also expect that the upturn will continue during 2022.
Exports of the soybean complex will exceed $20 billion for the first time this year, a new record, according to a report by the Rosario Stock Exchange. The entity estimated that foreign sales of flour, oil and beans would be around $20.42 billion.
During the last year, the level of public debt increased concerning the Gross Domestic Product. The Argentine State experienced a 14.2% year-on-year increase in public debt to GDP. The ratio reached its highest level since 2004 and reached 103.7%.
One year after the coronavirus pandemic outbreak, Argentines are already in the habit of using their money digitally through the multiple channel options made available by the financial system. The use of electronic money increased 43% in the number of transactions adjusted for inflation, while the use of all channels as a whole increased by 9.1% compared to a year earlier.
Industrial production recorded a 1.6% increase in February compared to the same period in 2020 and completed a positive streak of four consecutive months. The manufacturing sector is already operating 3% above pre-pandemic levels.
Statistics support the feeling that more and more taxes are paid in Argentina. Tax pressure (the percentage of tax collection over GDP), rose from 28.8% in 2019 to 32% in 2020, according to official data that take into account the Nation, provinces and municipalities.
Argentina will grow 5.8% according to the estimates of the International Monetary Fund (IMF) in its World Economic Outlook (WEO) report, improving its previous forecast by almost one point. The national government expects a 7% growth of the Gross Domestic Product as a base for 2021, based on indicators that ratify a consolidation of the recovery of activity, employment, and the strengthening of public accounts. For the year 2022, the Fund expects a moderation in growth: it foresees an advance of 2.5%.
In the second month of the year, import operations for $400 million authorized with commercial credit. According to official data, this measure allowed the Central Bank to have a cash balance of almost $2.5 billion in the first two months of the year.
The Government is negotiating with China a package of investments in infrastructure works. Total disbursements will be around $35 billion. Among the priority projects are the construction of the Atucha III nuclear power plant. A consortium of Chinese banks led by the Industrial and Commercial Bank of China (ICBC) will finance it. It foresees a concession-type loan of $ 7.9 billion, which would cover 85% of the reactor's price. This amount would make the nuclear power plant the most significant Chinese investment outside its borders.