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Financial News: ARGENTINA: Analysts Still Forecast Above-target Inflation

ARGENTINA: Analysts Still Forecast Above-target Inflation For 2017 - Survey

07/05/2017 - 21:20:00 (RTTNews)

(RTTNews) - Market analysts increased their inflation forecast for Argentina in 2017 for the eighth consecutive month, by 0.1 percentage point (pp), to 21.5%, according to a central bank survey. The estimate is higher than the official annual inflation target for this year, which ranges from 12% to 17%.

The survey also showed that analysts expect a cut in the benchmark interest rate during July. Argentina's main interest rate is currently at 26.25% per year. Analysts forecast that the rate will end this year at 22.00% - the same level as in the previous poll.

Estimates for the average nominal exchange rate level for the next six months was between 16.5 and 17.8 pesos per dollar - higher than in the previous survey. Analysts expect a 17.8 pesos per dollar exchange by the end of 2017.

Regarding Argentina's Gross Domestic Product (GDP), the respondents estimate a 2.7% growth in 2017. Meanwhile, market analysts continue to project GDP growth rates of 3.0% for 2018 and 3.2% for 2019.

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