Argentine economy grows 8.3%

The Argentine economy grew by 8.3 percent year-on-year in the second quarter of 2013, while its half-year growth reached 5.8 percent, according to official figures released on Friday. The Argentine National Institute of Statistics and Census (INDEC) said in a report that the industrial sector increased 8.4 percent in the three months from April to June, while the services sector grew 8.8 percent. According to the report, private consumption jumped 9.2 percent during the quarter and public consumption increased 8.6 percent. The Argentine economy is expected to expand 4.4 percent in 2013, higher than the 1.9 percent in 2012, according to official budget estimates. The INDEC said the improvement was mainly due to the good performance of the auto and agricultural sectors. As the third largest economy in Latin America, Argentina experienced a sharp slowdown in 2012. From April this year, its economic activities picked up thanks to strong exports of soy, corn and wheat.