Argentina Shipping Report Q2 2015
BMI View: We maintain our cautiously optimistic view on the Argentine port sector. The country enjoys agood commodities mix but continues to struggle with external headwinds as well as internal difficulties suchas rising inflation and labour unrest. Weaker private consumption will dampen imports while a weakerexchange rate will marginally improve the competitiveness of exports, with knock-on effects for portvolumes.
Argentina's economic recession will persist in 2015, and will be deeper than we previously anticipated dueto very weak private consumption and gross fixed capital formation. Argentine real GDP will contract in2015 due to tepid private consumption and fixed investment growth. We forecast real GDP growth of -0.7%in 2015, a downward revision from our prior forecast of -0.3% growth. This will follow estimated growth of-0.5% in 2014, which we have also revised down from our previous expectation for a 0.2% expansion.
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