Argentine economy grew 9.1 pct in Aug year-on-year

Source: Reuters
By: Hilary Burke and Magdalena Morales

10.20.2010

Argentina's economy expanded 9.1 percent in August compared with the same month last year, President Cristina Fernandez said on Wednesday, two days before the official data was to be released.

If confirmed, it would represent a quickening from the 8.1 percent year-on-year expansion posted in July ARECI14.

Latin America's No. 3 economy is on track to grow about 9 percent this year, one of the fastest rates in the region, boosting investor appetite for the country's GDP warrants -- securities that are tied to economic growth.

"The latest economic activity index shows Argentina grew 9.1 percent from August to August. And the best news is that industrial activity is growing above the level of economic activity," Fernandez said in a televised speech.

The median forecast in a Reuters poll of eight analysts was for 8.5 percent growth, with estimates ranging from 6.7 to 9.5 percent.

The INDEC national statistics institute is due to report the EMAE economic activity data AREAI=ECI and September industrial production ARIO=ECI on Friday at 4 p.m. (1900 GMT).

Argentina's industrial output jumped 10.1 percent in August from the same month of 2009, according to the government's non-seasonally adjusted data ARECI10.

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