A macro review

ARGENTINA - Report 29 Sep 2023 by Esteban Fernández Medrano

With yesterday's publication of the Q2 balance of payments, we quickly review the quarterly macro indicators that were published towards the end of September. For this reason, we will momentarily put politics aside and focus on economic performance, but not without failing to remember that this Sunday and next, the two presidential debates will take place.

Barring some exceptions (such as employment or investment to GDP), the recent quarterly indicators continue to reflect a deterioration of the macro environment. The external indicators, in particular, reflect a sense of vulnerability in an environment of rising inflation and falling money demand.

This reinforces the idea that the next government, no matter who heads it, will face significant economic challenges.

Now read on...

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