Argentina raises 2004 GDP growth forecast

Argentina raises 2004 GDP growth forecast

Argentina's Economy Minister emphasized that the government has raised its GDP (Gross Domestic Product) growth forecast for 2004 to 6% from 5.5% despite the month-on-month decline in economic activity in April. The government took this decision depending on the data of the national statistics institute INDEC which shows Argentina's economy had grown by 9.8% in the first four months of the year. However, GDP fell by 1.5% in April from March. This was the first decline since August 2002. On the other hand, the government does not take into account the April's monthly GDP because of the short working days in the mentioned period.