Macroeconomic Forecast Argentina

BMI View: Shopping centre sales in Buenos Aires rose an impressive 41.6% year-on-year in March, the fastest pace of growth since 2004. While encouraging, we refrain from calling for a major uptick in private consumption levels, with high underemployment (10.3% in Q409) and the cooling in credit growth over recent months likely to constrain consumer spending for the time being. As such, we are sticking with our forecast for real private consumption growth of 1.8% this year, contributing to real GDP growth of

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