10/22/2020 4:01 PM
Clarín.com
Economy
Updated 10/22/2020 4:07 PM
Despite the relaxation of the quarantine and the enabling of more activities,
in August
the economy fell 11.6%
in the year-on-year comparison.
This was reported this Thursday by INDEC, when it released the Monthly Estimator of Economic Activity (EMAE).
In the first eight months of the year, the EMAE accumulated a decrease of 12.5% compared to the same period of 2019.
The positive data for August is that it showed a
slight rise of 1.1%
compared to the previous month, "continuing with the recovery of part of the retraction accumulated in the March-April period", when the quarantine hit with greater force.
#DatoINDEC
Economic activity fell 11.6% year-on-year in August 2020 and grew 1.1% compared to the previous month https://t.co/Kfls1E8QML pic.twitter.com/dwmlrURdzr
- INDEC Argentina (@INDECArgentina) October 22, 2020
The new fall in the national economy is known on the same day that the International Monetary Fund warned that the strong persistence of the coronavirus pandemic will have a strong impact on employment in Latin America, with a significant increase in poverty and a return to real income per capita prior to covid-19 only in 2025.
In its report on Economic Outlook for Latin America and the Caribbean, the international organization maintained its forecasts for Argentina, with
a GDP drop in 2020 of 11.8%
and a recovery in 2021 of 4.9%.
Meanwhile, the ruling party in the Chamber of Deputies seeks this Thursday to give an opinion to the 2021 Budget project, which establishes a total expenditure of more than 8 trillion pesos, a deficit of 4.5%, an inflation of 29% and a dollar average of 102 pesos.
On the other hand, the Government promotes an
economic and social agreement
with business sectors and workers.
One of the main objectives of the Casa Rosada is the "productive reactivation
of the construction industry
" in search of accelerating public and private works throughout the country.
The goal is "to encourage economic reactivation focused on construction activity, a great generator of jobs" and "to mobilize savings towards construction activities."
In line with this, the Government aspires to "promote the role of the capital market to apply private savings to financing construction" and "channel financing for investments that mobilize economic activity."
The government proposal, in this way, is to grant "benefits in the Personal Property Tax" and a "deferral and adjustments to the Income Tax (acquired after 1/1/2018) and to the tax on property transfers (before of 1/1/2018) ".
News in development
