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Javier Milei's government took office aiming to have a less regulated and more market friendly economy with the private sector as the main driver of economic growth. The core of his macroeconomic policy is to achieve fiscal equilibrium and eliminate monetary issuance to cover public spending as of 2024.

The automotive sector once again had an outstanding performance among the different sectors of the economy despite the adverse local macroeconomic context that led to a significant increase in commercial debt with its headquarters. We expect 2024 to be a year with mixed results.

Javier Milei will be the new president of Argentina. He takes office with the challenge of correcting strong imbalances in the fiscal, monetary and exchange rate fronts. The adjustment of spending and changes in relative prices will lead to an …

The surprising outcome of the primary elections left an open end to the October voting and heightened uncertainty, increasing volatility and further worsening expectations for the coming year. We maintain our scenario of recession and high infl…

The housing market is waiting for a change of cycle that will allow for greater stability and predictability. Rental supply is at historic lows. In the short term, we do not expect construction to be very dynamic.

The macroeconomic scenario deteriorated due to the strong impact of the drought, which substantially reduced agricultural exports, with negative effects on GDP and tax revenues.

2023 is a year with a heavy electoral calendar, in a context of growing social concern regarding macroeconomic imbalances and a historic drought. We expect sustained pressures in the FX market throughout the year, with consequences on the GDP and financial volatility.

The Latin American economy faces crosswinds in a scenario of disequilibrium, in line with international dynamics, where the main economic variables are still adjusting after the disruptive events of the most recent years.

The automotive sector has had an outstanding performance in 2022 despite the challenging context it faced due to shortages of imported inputs, global logistics problems and union conflicts. We expect domestic market sales in 2023 to be similar …

The main macroeconomic imbalances, specially the fiscal one, have been curbed in the second half of 2022 after the change of Economy Minister. It will be crucial to maintain this dynamic during the next election year. The current drought entail…

In September, total consumption with BBVA cards fell 9.4% YoY in real terms. Most of the categories contracted their average real spending level per transaction, remaining below the pre-pandemic level. Our indicators point to a flattening of economic activity.

With a better than expected 2022, Argentina will face a complex 2023, with a drop in the level of activity and high inflation that will lead to a stagflation scenario. The main challenges will be the rollover of debt in the local market for challenging amounts and the vulnerability of the FX rate scheme.