INDEC reported a decline in unemployment, although it experienced an economic slowdown in the first quarter of 2022

The INDEC reported on Thursday the levels of unemployment and economic activity for the first quarter of 2022. The unemployment rate stood at 7%, which represents a decline of just over 3 percentage points from the same period in 2021. While , the growth rate of the Gross Domestic Product slowed downup by 0.9% in the first three months of the year.

The 7% in January-March remains at the same level as it had shown in the last quarter of 2021. That year it started with a record of 10.2%, progressively falling to 9.6% and 8.2% in subsequent cycles, always according to the official documents of the National Institute of Statistics and Census.

In the Greater Buenos Aires games, he ranked over of the national average, with 8%, while in the Municipality it was 4.9%. In Grande Córdoba reached 9.7% and in the Gran Rosario it reached 7.9%.

With these numbers, INDEC estimate it 943 thousand people actively sought work and are available for work but do not have a job. It includes only the 31 urban agglomerations (29.1 million inhabitants) included in the Permanent Survey on Households (EPH).

The employment rate, which relieves those who have at least one job, was 43.3%, a figure lower than that of the end of 2021 (43.6%). And the activity rate also falls, which measures the population that has at least one job or does not have one but is available to work and has actively sought it: it went from 46.9% to 46.5%.

The pace of economic activity slows down

On the other hand, the Gross domestic product showed year-over-year growth of 6%. However, the comparison with the latest data from 2021 shows a slight slowdown in the expansion of the economy.

The 0.9% increase in activity from October to December fell from 1.9% and 4.1% in previous periods, following a decline of 0.8% in the second quarter of 2021.

According to the report released Thursday, private consumption grew 9.3% year on year and reached the fourth consecutive increase; while public consumption increased by 6.5% on an annual basis. In comparison with the previous quarter, both items stood at 3.2% and 0.7% respectively, while exports decreased by 2.3% and imports grew by 7.6%.

In the year-over-year survey, the increase of Hotels and restaurants (33.6%), in strong expansion for the comparison with the summer months of 2021, still with restrictions due to the second wave of the coronavirus. The Ministry of Economy indicated that in this area the “level of increase will tend to normalize with the passing of the months and the situation of the pandemic”.

Exploitation of mines and quarries also increased (13.4%) and Transport, storage and communications (12.2%). Withdrawals were recorded in Fishing (-3.5%) and in Agriculture, farming, hunting and forestry (-0.1%).

The rest of the items are in green: Households with domestic service, 10.5%; Public Administration, 9.5%; Other community service activities, social and personal, 7.8%; Trade, 5.7%; Electricity, gas and water, 5.1%; Real estate, commercial and rental activities, 5%; Teaching, 4.9%; Manufacturing industry, 4.9%; Construction, 3%; Social and health services, 2.8%; and Financial intermediation, 1.3%.

DB