Group Forecasts Argentina '09 GDP Down 3%, 3%-5% Rebound In '10
BUENOS AIRES -(Dow Jones)- Argentina's gross domestic product is expected to
post a 3% decline this year, but is seen rebounding between 3% and 5% next year
as the economy gets back on track, the president of Argentina's top
manufacturers association said at a press conference late Monday.
"The international scenario has stabilized, and we have reasonably good
expectations as a result. We're starting to see a recovery," said Adrian
Kaufmann, president of the Argentine Industrial Union, or UIA.
Top agricultural producer Argentina is likely to benefit from strong demand
for food as the world emerges from the international crisis, he added.
The UIA forecast stands in contrast to government expectations, which
currently predict GDP growth of 0.5% this year and 2.5% in 2010.
The UIA also forecasts an 8% industrial-production drop this year, with a 3%
to 5% recovery in 2010. Those figures are much more pessimistic than government
data.
According to the national statistics agency, Indec, October industrial
production was up 1.2% on the year and climbed 0.2% on the month.
Many economists accuse the government of manipulating data to gloss over the
extent of the downturn. The government regularly denies the allegations.
-By Shane Romig, Dow Jones Newswires; 54-11-4103-6738; shane.romig@
dowjones.com
(END) Dow Jones Newswires
11-24-091109ET
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