Friday, December 21, 2007

Argentina Q3 2007 GDP

Argentina's economy expanded more than economists forecast in October, climbing at the fastest pace in five months, led by higher industrial output as consumption and exports rose.

The country's economy grew 9.4 percent in October from a year earlier, the National Statistics Institute said today. South America's second-biggest economy expanded 0.3 percent from September, the institute said.

``The expansion was higher than expected -- it was a surprise,'' said Mariano Tavelli, a portfolio manager at Tavelli & Compania, in an interview with Bloomberg television. ``This is related to higher loans for consumption, especially for home appliances and automobiles.''

The economy is heading to its fifth straight year of growth, helped by a currency devaluation in 2002 that strengthened industries, making local goods cheaper in international markets. A drop in unemployment levels to a 15- year low has helped boost consumer's purchasing power, increasing demand for goods.

Tavelli, who expects the economy to expand 9 percent this year, said growth may slow to 6 percent in 2008 as President Cristina Fernandez de Kirchner, who took office Dec. 10, seeks to slow public spending to strengthen the budget surplus.

The annual growth rate in October exceeded the 9 percent median estimate of nine economists surveyed by Bloomberg. It was the fastest pace of growth since May.

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