Argentinas economy grew 2.3 percent in January from a year earlier, the lowest monthly rate in more than six years as the global crisis hits home, the government said on Wednesday. The figure came in just below the 2.4 percent median forecast given in a Reuters poll of eight analysts.
Argentinas January figures marked a 0.3 percent expansion from a month earlier, according to the governments monthly EMAE economic activity index An official statement did not give details on specific sectors, but some economic analysts said they expected a far worse result due to weaker consumer spending and declining factory output, particularly in the automobile industry.
According to a private growth estimate by the Orlando Ferreres & Asociados consulting firm, the economy shrank by 3.0 percent in January from the same month of 2008 - marking its third consecutive contraction. Argentinas growth and industry statistics are coming under increasing scrutiny, following two years of accusations of government meddling in inflation data.
"The official real activity numbers differ very significantly (more upbeat) from independent private sector estimates of the performance of the economy," Alberto Ramos, senior economist at Goldman Sachs in New York, said in a report after Januarys data was released.
The local government reported last month that Januarys factory output sank 4.4 percent from a year earlier - the first fall since October 2002. Car production fell 54.6 percent during the first month of the year and vehicle exports sank 60 percent, according to industry data. In a surprise release a month earlier than planned, the INDEC national statistics agency reported December growth of 7.4 percent year-on-year, well above private estimates.