During the second quarter of 2021, the year-on-year change in GDP increased considerably compared to the previous quarter and stood at a rate of 17.92%. Regarding the labor market, the unemployment rate decreased from the previous quarter to 9.60%, while the year-on-year rate of change in employment managed to achieve a positive growth of 2.14%, following a significant increase from the previous quarter. As for prices, inflation stood at a year-on-year rate of 46.43%, after registering an increase from the previous quarter. Finally, the Argentine peso continued to depreciate against the dollar in the second quarter of the year, reaching an exchange rate of 94.07 pesos to the dollar.


Macroeconomic outlook report: Argentina 2Q21

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Macroeconomic overview

  • During the second quarter of 2021, the year-on-year change in Argentina's GDP increased by 15.02 p.p. from the previous quarter to a rate of 17.92%. This increase was mainly due to the low comparative rate with the same quarter of the previous year and to the fact that, despite the second wave of infections, there was a breakthrough in the vaccination process.
  • Regarding the labour market, the unemployment rate in the second quarter decreased by 0.60 p.p. from the previous quarter to 9.60%. On the other hand, employment in Argentina managed to register a positive year-on-year rate of change of 2.14%, after increasing by 3.23 p.p. with respect to the previous quarter.
  • In 2Q21, the Argentine peso depreciated against the dollar to an average exchange rate of 94.07 pesos per dollar, 5.50 pesos per dollar more than in 1Q21.
  • During the second quarter of the year, the change in the price index stood at 46.43%, 8.23 percentage points higher than in the previous quarter.

For more information, click here to access the executive document in pdf (only avalaible in Spanish).