During the first quarter of 2022, the year-on-year change in GDP declined from the previous quarter, although it continued the path of recovery with a rate of 5.99%. Regarding the labour market, the unemployment rate remained steady from the previous quarter at 7%; while the year-on-year rate of change in employment managed to increase positive growth to 4.52%. On the price front, inflation stood at a year-on-year rate of 52.70%, after registering an increase from the previous quarter. Finally, the Argentine peso continued to depreciate against the dollar in the first quarter of the year, reaching an exchange rate of 106.58 pesos to the dollar.
Macroeconomic outlook report: Argentina 1Q22
- During the first quarter of 2022, the year-on-year change in Argentine GDP declined by 2.89 p.p. from the previous quarter, although it stood at a solid growth rate of 5.99%. This rate was mainly due to the strong gains in vaccination, the low comparative rate with the same quarter of the previous year and the new government policies in the first quarter aimed at sustainable economic growth and the recovery of employment and income.
- Regarding the labour market, the unemployment rate in the first quarter remained constant with respect to the previous quarter, at 7%. On the other hand, employment in Argentina managed to register another positive year-on-year variation rate of 4.52%, after increasing by 0.64 p.p. compared to the previous quarter.
- In 1Q22, the Argentine peso devalued against the dollar to an average exchange rate of 106.58 pesos per dollar, 6.10 pesos per dollar more than in 4Q21.
- During the first quarter of the year, the variation of the price index stood at 52.70%, after registering an increase of 1.27 p.p. compared to the previous quarter.
For more information, click here to access the executive document in pdf (only avalaible in Spanish).