Argentina's economy grows 10.3 pct in 2021

Argentina's gross domestic product (GDP) grew 10.3 percent in 2021, after registering an 8.6 percent increase in the fourth quarter of last year, the National Institute of Statistics and Census (INDEC) disclosed Wednesday.

In its report, the INDEC said that all elements of demand rose in 2021 compared to 2020, highlighting a jump in private and public consumption, exports and imports, and gross fixed capital formation.

According to the institute, construction grew 27.1 percent, hotels and restaurants 23.5 percent, fishing 16.5 percent, manufacturing 15.8 percent, and commerce 13.2 percent.

Other sectors that recorded growth were mining (9.5 percent), transportation and telecommunications (7.4 percent), health and social services (6 percent), and education (3.8 percent).

Overall, 13 of the country's 14 main economic sectors closed the year with growth in activity, while agriculture, forestry, livestock and hunting was the only sector to report a decrease of 0.3 percent, according to the report.

Meanwhile in 2021, private consumption in the South American country grew 10.2 percent and public consumption 7.8 percent, while exports increased 9 percent and foreign purchases grew 21.5 percent.