Q3 Growth Exceeds Expectations

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According to data provided by Argentina's Ministerio de Economia (MECON), real GDP grew by 8.7% y-o-y in Q306 (down from 9.2% in Q305) and by 8.4% during the first nine months of 2006 (down from 9.2% during the same period in 2005). The result closely reflected the projections of the monthly economic activity indicator EMEA, which estimated that real GDP would rise by 8.5% in Q306 and by 8.4% during the first nine months of 2006. As illustrated in the accompanying chart, the manufacturing sector, which constitutes more than 16.5% of GDP and therefore represents the largest industry, experienced stable