Argentina GDP 1Q2014

by Eduardo Petazze
Argentina's GDP fell in 1Q2014 by 0.21% Y/Y (-0.81% Q/Q) from a +1.38% growth Y/Y (-0.46% Q/Q) in 4Q2013
The INDEC of Argentina released GDP data for the 1Q2014 (pdf, 3 pages)

Summary
SA, (000) 2004 pesos
Private consumption
Public consumption
GFCF
Exports
Imports
Residual and inventories change
GDP
Q/Q
Private consumption
Public consumption
GFCF
Exports
Imports
GDP
Last data
Own estimate
NSA, (000) 2004 pesos
Private consumption
Public consumption
GFCF
Exports
Imports
Inventories change
Discrepancia Estadstica
GDP
Y/Y
Private consumption
Public consumption
GFCF
Exports
Imports
GDP
Last data
Own estimate

2013Q1
645,129,760
92,320,658
180,137,315
150,211,163
187,216,434
-14,713,148
865,869,314
2013Q1
1.76%
2.38%
-0.49%
0.55%
-0.07%
1.00%

2013Q2
643,605,876
93,699,757
180,847,297
150,132,287
190,131,558
-7,361,567
870,792,092
2013Q2
-0.24%
1.49%
0.39%
-0.05%
1.56%
0.57%

2013Q3
646,677,298
95,929,063
183,210,427
148,856,487
187,435,941
-14,295,656
872,941,678
2013Q3
0.48%
2.38%
1.31%
-0.85%
-1.42%
0.25%

2013Q4
636,440,653
95,902,456
184,382,715
142,496,457
182,490,234
-7,813,851
868,918,196
2013Q4
-1.58%
-0.03%
0.64%
-4.27%
-2.64%
-0.46%

2014Q1
636,711,262
94,708,688
183,771,501
140,877,240
180,330,738
-13,894,588
861,843,365
2014Q1
0.04%
-1.24%
-0.33%
-1.14%
-1.18%
-0.81%

2014Q2
648,797,267
97,072,995
183,791,566
141,765,240
183,825,427
-12,945,469
874,656,171
2014Q2
1.90%
2.50%
0.01%
0.63%
1.94%
1.49%

2014Q3
656,410,345
99,400,135
185,526,920
140,802,463
184,618,633
-15,041,178
882,480,053
2014Q3
1.17%
2.40%
0.94%
-0.68%
0.43%
0.89%

2014Q4
654,151,812
100,348,149
187,341,335
135,991,938
182,490,138
-11,312,204
884,030,892
2014Q4
-0.34%
0.95%
0.98%
-3.42%
-1.15%
0.18%

2013Q1
635,512,712
84,503,168
167,141,635
127,355,292
173,736,674
-21,308,805
-1,029,371
818,437,956
2013Q1
6.73%
3.82%
-2.65%
-11.43%
-0.43%
1.48%

2013Q2
639,345,156
92,982,413
177,942,317
164,295,739
185,090,304
-353,802
-1,588,769
887,532,750
2013Q2
5.22%
6.29%
7.77%
4.47%
9.58%
5.47%

2013Q3
652,434,955
96,441,169
190,756,996
159,772,150
199,183,214
-23,618,540
-4,171,609
872,431,906
2013Q3
4.94%
7.14%
4.85%
-1.30%
1.65%
3.44%

2013Q4
644,560,765
103,925,184
192,736,807
140,273,209
189,263,975
8,892,596
-1,005,921
900,118,666
2013Q4
0.39%
6.68%
2.06%
-7.75%
-2.44%
1.38%

2014Q1
627,682,228
87,363,520
170,311,946
119,182,013
167,063,875
-14,833,654
-5,892,771
816,749,407
2014Q1
-1.23%
3.38%
1.90%
-6.42%
-3.84%
-0.21%

2014Q2
645,162,195
96,141,930
181,027,305
153,275,093
178,932,801
2,514,327
-8,683,356
890,504,693
2014Q2
0.91%
3.40%
1.73%
-6.71%
-3.33%
0.33%

2014Q3
661,284,820
99,594,523
193,403,925
151,270,558
196,158,081
3,659,510
-31,849,458
881,205,797
2014Q3
1.36%
3.27%
1.39%
-5.32%
-1.52%
1.01%

2014Q4
661,941,444
108,429,994
195,688,146
135,709,217
189,110,179
9,336,546
-7,444,584
914,550,583
2014Q4
2.70%
4.33%
1.53%
-3.25%
-0.08%
1.60%

2013Q3
32,417,865
2,874,535
24,408,315
178,750,065
12,477,478
37,258,867
132,276,912
20,899,982
67,011,133
42,837,638
86,952,396
31,984,577
28,549,417
21,426,695
29,553,923
7,776,066
757,455,863
44,547,981
8,452,504
61,975,558
872,431,906
2013Q3
1.86%
16.90%
-3.86%
1.16%
4.19%
4.42%
2.94%
3.78%
4.09%
20.13%
2.38%
2.97%
3.74%
3.28%
3.23%
1.24%
3.30%
2.83%
2.03%
5.88%
3.44%

2013Q4
68,426,869
1,953,662
24,964,736
177,835,923
12,040,095
37,827,365
130,773,869
21,971,372
66,296,475
44,471,249
88,289,233
32,268,895
28,814,313
20,119,862
28,084,287
7,207,324
791,345,528
40,118,329
7,817,800
60,837,008
900,118,666
2013Q4
0.66%
24.24%
0.04%
0.77%
4.81%
2.98%
-2.02%
6.74%
1.96%
16.41%
1.76%
2.71%
3.06%
2.95%
1.71%
-9.62%
1.75%
-3.06%
-8.46%
1.14%
1.38%

Production approach (see Note)

NSA, (000) 2004 pesos
Agriculture
Fishing
Mining
Manufacturing
Electricity
Construction
Commerce
Accomodation
Transport and Communication
Finance
Real Estate
Public administration
Education
Social services
Other
Households services
GVA
Taxes on products
Import tax
VAT
GDP
Y/Y
Agriculture
Fishing
Mining
Manufacturing
Electricity
Construction
Commerce
Accomodation
Transport and Communication
Finance
Real Estate
Public administration
Education
Social services
Other
Households services
GVA
Taxes on products
Import tax
VAT
GDP
Last data

2012Q2
46,512,150
1,703,107
25,109,030
172,241,852
11,248,395
35,156,267
121,703,283
19,003,962
66,516,924
34,187,310
84,634,772
30,936,612
27,392,500
22,140,100
27,083,358
7,879,148
733,448,767
44,156,698
6,739,202
57,151,279
841,495,946
2012Q2
-25.11%
-17.70%
4.00%
-3.26%
0.46%
-2.87%
-1.67%
6.00%
-0.39%
16.20%
-0.30%
4.55%
4.78%
4.51%
3.47%
6.54%
-1.82%
-2.06%
-13.25%
4.60%
-1.53%

2012Q3
31,826,929
2,459,021
25,388,782
176,692,797
11,975,983
35,680,795
128,498,220
20,139,618
64,375,569
35,660,864
84,934,029
31,061,509
27,521,323
20,745,277
28,629,236
7,680,527
733,270,479
43,323,442
8,284,626
58,535,422
843,413,969
2012Q3
2.61%
5.84%
-4.26%
-3.57%
1.90%
-5.20%
-0.97%
4.69%
0.72%
14.30%
1.26%
2.97%
3.37%
3.67%
3.90%
7.52%
0.18%
-2.78%
-7.86%
3.64%
0.17%

2012Q4
67,979,592
1,572,552
24,954,024
176,476,692
11,487,169
36,731,763
133,471,591
20,583,440
65,022,568
38,203,014
86,758,763
31,418,178
27,958,078
19,544,198
27,612,679
7,974,186
777,748,487
41,384,169
8,540,140
60,152,479
887,825,276
2012Q4
6.65%
8.38%
-8.93%
-2.89%
4.83%
-5.40%
1.03%
4.87%
1.95%
18.22%
-1.53%
3.26%
3.85%
3.65%
2.42%
13.44%
0.98%
-2.72%
-1.84%
3.42%
0.93%

2013Q1
33,086,360
1,284,887
24,360,953
159,630,516
11,535,311
34,836,290
125,302,533
21,233,351
63,200,451
39,530,926
82,628,336
31,637,574
27,759,172
20,719,404
27,332,567
7,555,953
711,634,583
39,983,574
7,295,974
59,523,825
818,437,956
2013Q1
7.60%
-0.38%
-2.38%
-1.78%
-0.78%
-3.01%
1.14%
1.34%
2.04%
19.46%
-0.37%
3.09%
3.24%
3.39%
4.02%
2.29%
1.49%
-3.58%
3.38%
4.77%
1.48%

2013Q2
62,036,080
2,508,374
24,798,483
173,255,539
11,612,061
36,125,031
128,030,403
19,752,267
69,244,192
41,888,329
85,262,263
31,866,970
28,327,753
22,850,086
28,250,662
8,343,918
774,152,408
45,940,364
7,805,679
59,634,298
887,532,750
2013Q2
33.38%
47.28%
-1.24%
0.59%
3.23%
2.76%
5.20%
3.94%
4.10%
22.53%
0.74%
3.01%
3.41%
3.21%
4.31%
5.90%
5.55%
4.04%
15.82%
4.34%
5.47%

2014Q1
30,682,514
1,375,521
24,571,940
158,428,554
11,759,403
34,087,561
121,415,840
21,466,948
63,709,931
46,044,097
82,448,018
32,165,431
28,538,555
21,246,614
27,313,601
7,581,198
712,835,727
38,261,022
7,771,364
57,881,293
816,749,407
2014Q1
-7.27%
7.05%
0.87%
-0.75%
1.94%
-2.15%
-3.10%
1.10%
0.81%
16.48%
-0.22%
1.67%
2.81%
2.54%
-0.07%
0.33%
0.17%
-4.31%
6.52%
-2.76%
-0.21%

Note:
Real growth of Financial Services sector should be analyzed in more detail, under an economy with very high inflation rates.
Financial institutions and especially the insurance companies, held as investment and / or counterparties of technical reserves,
securities whose valuation is made at closing prices of each period.
The profits generated by such holding, of particular importance in an economy with high inflation rates, is an operating income and
not being discriminated in the financial statements or information submitted for tax purposes or to control bodies, this is not a Value
Added Gross.
We understand that the INDEC, as the statistical services of other countries, do not make debugging entrepreneurs benefits of holding
results that are incorporated in the operating results of companies.
Because these benefits are not interest charged to end consumers or intermediate consumption, mechanisms to indirectly assign such
interest does not solve the over estimation of GVA for the financial sector.