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Economic Activity Rose Less Than Economists Expected In April

ARGENTINA
  • Economic activity rose 5.1% y/y (estimate +7.0%) in April versus revised +4.5% in March, according to the National Institute of Statistics and Censuses.
    • Economic activity rose 0.6% m/m (estimate +0.4%) versus revised -0.8% in March.
  • Separately, according to an official, Argentina’s Central Bank Bought $1.8b in H1 of this year, meeting the reserve accumulation goals.
    • Argentina’s central bank bought $536m in the FX market on Thursday, according to a government official with direct knowledge of the matter. The BCRA bought $950m in June.
    • The goal was met through a combination of FX purchases and funds from international organizations.
  • Argentine Economy Minister Martin Guzman is confident the government met “all the criteria” for the second quarter in its program with the International Monetary Fund, according to an emailed statement from Economy Ministry.
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  • Economic activity rose 5.1% y/y (estimate +7.0%) in April versus revised +4.5% in March, according to the National Institute of Statistics and Censuses.
    • Economic activity rose 0.6% m/m (estimate +0.4%) versus revised -0.8% in March.
  • Separately, according to an official, Argentina’s Central Bank Bought $1.8b in H1 of this year, meeting the reserve accumulation goals.
    • Argentina’s central bank bought $536m in the FX market on Thursday, according to a government official with direct knowledge of the matter. The BCRA bought $950m in June.
    • The goal was met through a combination of FX purchases and funds from international organizations.
  • Argentine Economy Minister Martin Guzman is confident the government met “all the criteria” for the second quarter in its program with the International Monetary Fund, according to an emailed statement from Economy Ministry.