During the second quarter of 2022, the year-on-year change in GDP increased from the previous quarter to 6.94%. On the labour market, the unemployment rate decreased from the previous quarter to 6.90%, while the year-on-year rate of change in employment increased to 4.74%. On the price front, inflation stood at a year-on-year rate of 61.73%, after registering an increase from the previous quarter. Finally, the Argentine peso continued to depreciate against the dollar in the second quarter of the year, reaching an exchange rate of 117.95 pesos to the dollar.
Macroeconomic outlook report: Argentina 2Q22
Macroeconomic overview
- During the second quarter of 2022, the year-on-year change in Argentine GDP increased by 0.95 p.p. from the previous quarter to a solid growth rate of 6.94%. This rate was mainly due to the increase in public consumption and gross fixed investment.
- On the labour market, the unemployment rate in the second quarter declined from the previous quarter to 6.90%. On the other hand, employment in Argentina managed to register another positive year-on-year rate of change, at 4.74%, after increasing by 0.22 p.p. from the previous quarter.
- In 2Q22, the Argentine peso devalued against the dollar, with an average exchange rate of 117.95 pesos per dollar, 11.37 pesos per dollar more than in 1Q22.
- During the second quarter of the year, the variation of the price index stood at 61.73%, after registering an increase of 7.70 p.p. compared to the previous quarter.
For more information, access the Macroeconomic Outlook Report of Argentina 2Q22 (only available in Spanish).