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ARGENTINA: Q2 Current Account, July Wages Expected At 2000BST

ARGENTINA
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  • The current account surplus is expected to widen to $3.224bn in the second quarter, from $240mn in Q1, reflecting the impact of the slump in domestic demand, as well as the recovery in agriculture from last year’s severe drought (2000BST/1500ET). At the same time, latest wages figures for July will also cross. Wages rose by 6.2% m/m in June, following an 8.3% m/m gain in May.
    • 2Q Current Account Balance, est. $3.22b, prior $240m
    • July Wages MoM, prior 6.2%
  • The slump in the economy under President Milei’s austerity programme is also reflected in the jump in the poverty rate, which rose to 53% in the first six months of the year, according to data released yesterday, up from 42% previously, its highest level since 2003. The economic challenges are beginning to weigh on Milei’s popularity, which as noted previously dipped to 53% in September, from 55% in August.
  • In other news, YPF and Petrobras have signed a MoU to evaluate joint business development in exploration and production. The memorandum is valid for three years, the statement said.
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  • The current account surplus is expected to widen to $3.224bn in the second quarter, from $240mn in Q1, reflecting the impact of the slump in domestic demand, as well as the recovery in agriculture from last year’s severe drought (2000BST/1500ET). At the same time, latest wages figures for July will also cross. Wages rose by 6.2% m/m in June, following an 8.3% m/m gain in May.
    • 2Q Current Account Balance, est. $3.22b, prior $240m
    • July Wages MoM, prior 6.2%
  • The slump in the economy under President Milei’s austerity programme is also reflected in the jump in the poverty rate, which rose to 53% in the first six months of the year, according to data released yesterday, up from 42% previously, its highest level since 2003. The economic challenges are beginning to weigh on Milei’s popularity, which as noted previously dipped to 53% in September, from 55% in August.
  • In other news, YPF and Petrobras have signed a MoU to evaluate joint business development in exploration and production. The memorandum is valid for three years, the statement said.