The Argentine economy saw its fifth consecutive year of growth since the crisis in 2001. This achievement is reflected in all areas of aggregated demand, but the fundamental driver of the growth of the economy was private consumption.
Once again, the increase of the GDP had its correlation in a decrease in both unemployment and poverty and a greater utilization of installed capacity. Therefore, domestically, the Argentine economy is in a position of a very high utilization of its productive resources, which should next year spur larger investments in capital assets.
Public accounts continued with a primary and financial surplus, both, backed up in large part by an increase in tax collection on exports and in the reform of the social security system. The 2008 Budget Project expects a primary surplus of 3.15% of the GDP.
The foreign sector achieved both a commercial as well as a financial surplus. It should be noted, that due to economic growth the value of imports increased on a larger scale than those related to exports, despite the increase seen in the prices of the main products that Argentina exports.
Thus the Argentine economy is consolidating its growth. Still, it will have to take into account pending tariffs and energy reforms and promote new investments in the country, if it wishes this growth to remain sustainable over the long term.
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