Buenos Aires: Argentina’s gross domestic product increased 3.5% in the third quarter of 2017 compared to the same quarter last year.
The country’s economy is also expected to expand by 1.3% in 2018, as exports continue to expand, according to the government.
However, Argentina’s manufacturing sector experienced a slowdown in 2017, as a number of large companies moved to China in 2017.
Argentina’s economy has been hit by a number issues in recent years, including the financial crisis, the Zika virus, and the decline of its tourism industry.
Economists expect that the economic impact of the economic crisis, Zika virus outbreak, and other factors, will weigh on GDP for at least the next few years, said Gabriel Ortega, a research associate at the Buenos Aires-based think tank Elcano.
“We will see growth slowing, and perhaps even shrinking,” Ortegas said.
The report comes after the government announced a budget in January that was expected to cut by around 5% of the countrys gross domestic output.
It also lowered the number of days it expects Argentina to have an unemployment rate of 10% or less to 8.5%.
In a speech in January, President Mauricio Macri said the government had a mandate to reform its economy and that it was working toward achieving a goal of reducing its debt by $4.7 billion by 2020.
Economist Josefina Lago, from Elcano, expects Argentina’s GDP to grow by 3.6% in 2020, after rising by 2.6%.
In 2020, Argentina is expected to export $2.4 billion worth of goods to China, up from $1.4bn in 2017 and 3.2% of its total exports to China.
Lago said that Argentina’s economic growth is likely to accelerate as the economy recovers from the economic downturn in the United States and Europe, as well as the financial and geopolitical events of the past few years.