GDP grew by 1% in the second quarter of the year

The Gross Domestic Product (GDP) grew in the second quarter of the year by 1% in seasonally adjusted terms compared to the first quarter of 2022. In this way, it has already accumulated six consecutive increases. The National Institute of Statistics and Censuses (Indec) released the information on Tuesday, September 20, on which it stressed that GDP growth compared to the same period of the previous year, showed an increase of 6.9% in the second quarter. Regarding demand, the organization highlighted that all the components showed an increase compared to the first quarter in seasonally adjusted terms: gross fixed capital formation grew 7.8%; public consumption increased by 0.2 per cent; private consumption, 1.8 per cent; and exports, 3.5%. Among the components of demand, he highlighted that the largest increase was observed in gross fixed capital formation, with an increase of 18.8% year-on-year. And in the sectors of activity, the increases in Hotels and restaurants stood out with an increase of 53.9% year-on-year, Fishing by 24.1% year-on-year, and Mining and quarrying by 15.5% year-on-year.
According to Indec, the macroeconomic evolution of the second quarter of 2022 determined, according to preliminary estimates, a variation in global supply, measured at 2004 prices, of 9.9% compared to the same period of the previous year, due to a growth of 6.9% of GDP and a variation of 23.1% in imports of real goods and services. In turn, he stressed that in global demand there was an increase of 18.8% in gross fixed capital formation, private consumption grew 10.7%, exports of real goods and services registered an increase of 9.3% and public consumption rose 5.3%. The agency finally highlighted that in seasonally adjusted terms, with respect to the first quarter of 2022, imports grew 2.9%, private consumption registered an increase of 1.8%, public consumption rose 0.2%, exports grew 3.5% and gross fixed capital formation had an increase of 7.8%.

Original source in Spanish