During the fourth quarter of 2021, the year-on-year change in GDP fell compared to the previous quarter, although it followed the path of recovery with a rate of 8.64%. As for the labour market, the unemployment rate decreased compared to the previous quarter to stand at 7.00%. In turn, the year-on-year rate of change in employment managed to enhance positive growth to 3.88%. As for prices, inflation stood at a year-on-year rate of 51.43%, after registering an increase compared to the previous quarter. Finally, the Argentine peso continued to depreciate against the dollar in the fourth quarter of the year, reaching an exchange rate of 100.48 pesos per dollar.


Macroeconomic outlook report: Argentina 4Q21

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Macroeconomic overview

  • During the fourth quarter of 2021, the year-on-year change in Argentina's GDP fell 3.23 p.p. from the previous quarter, although it recorded a solid growth rate of 8.64%. This elevated rate was mainly due to advances in vaccination, the low comparative rate with the same quarter of the previous year and the new government policies in the fourth quarter aimed at sustainable growth and employment and income recovery.
  • Regarding the labour market, the unemployment rate in the fourth quarter decreased by 1.24 p.p. from the previous quarter to 7.00%. Moreover, employment in Argentina managed to register another positive year-on-year rate of change of 3.88%, after increasing by 0.94 p.p. with respect to the previous quarter.
  • In 4Q21, the Argentine peso depreciated against the dollar to an average exchange rate of 100.48 pesos per dollar, 3.24 pesos per dollar more than in 3Q21.
  • During the fourth quarter of the year, the change in the price index stood at 51.43%, 0.70 percentage points higher than in the previous quarter.

For more information, click here to access the executive document in pdf (only avalaible in Spanish).