Argentine economy grew 6.1 percent from January to May

Argentina´s economy grew 6.1 percent in the first five months of the year, thus inching on to the projected 4.9 percent yearend benchmark, the National Institute of Statistics and Censuses (INDEC is the acronym in Spanish) reported.

The institution is confident these first-half numbers could allow the country to score a nearly 5 percent growth by the end of the year, especially taking account of the fact that the economy grew 7.1 percent in the past twelve months.

That staggering 7.1 percent increase is seen as "a major jump in the last five years after the country endured a profound economic recession," the INDEC reported went on to explain.

The top economic heavyweights during the first five months of the year were building with a 28 percent spike, farming (up 17 percent), industry (a 12 percent hike), as well as hotels and tourism (also in double digits), the report indicates.

However, the INDEC report warned the well-boding May rebound for the Argentine economy fails to put the country up to par with the numbers scored in November 2001, just a month before the financial crisis outbreak that led to the freezing of bank accounts.

Since the second half of 1998 -the INDEC report goes on- the economy skidded into recession and remained steadily in the red until late last year.

From December 2002 on, the Argentine economy started to scramble out of the standstill as the GNP grew 5.4 percent in the first quarter of the year. Official estimates had anticipated a 3.5 percent hike for the second half of 2003.