October 10, 20 - 1:51 pm - Reuters

Argentina’s GDP will fall 11.8% in 2020 by Covid-19, says Central Bank survey

The Argentine economy is expected to contract 11.8% in 2020, a slightly more optimistic outlook than the previous estimate of a 12.1% drop, according to a Central Bank survey with economists and analysts released on Friday.

The Central Bank’s Market Expectations Survey predicts inflation of 36.9% in 2020. Prices are expected to rise 3% in September, according to the survey.

“During the third quarter of 2020, GDP will grow 9.8% over the second quarter, which suggests that the period of greatest impact of the coronavirus pandemic has passed,” the survey showed.

The economists interviewed said that the average nominal exchange rate in Argentina will reach 83.8 pesos to the dollar in December 2020 and 121.5 pesos to the dollar in December 2021.

The survey contacted consulting firms, research centers, financial entities and analysts from September 28 to 30.

Translated by LABS