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Financial News: ARGENTINA: Economy To Grow 3% In 2017 And

ARGENTINA: Economy To Grow 3% In 2017 And 3.5% In 2018 - Moody's

10/01/2017 - 08:37:00 (RTTNews)

(RTTNews) - The Argentinean economy is expected to grow 3% in 2017 and 3.5% in 2018, primarily driven by public and private investments and initiatives expected from the government after the legislative elections in October, said Moody's Investors Service in a new report on the South America country.

"While Argentina's economic growth has been volatile, it is also larger and wealthier than peers," says Gabriel Torres, a Moody's senior credit officer.

The credit risk rating agency noted that this increased growth would support a reduction in the fiscal deficit, which will exceed 6% of GDP this year. "The government's debt-to-GDP ratio will rise to 53% this year and 56% next," the report said.

Also, the risk of refinancing is reduced, as about half of the Argentinean government debt is with other public sector entities. "But the proportion of debt held by the private sector is rising, increasing the country's fiscal vulnerability."

Moody's also highlighted high inflation and a large proportion of foreign currency debt as "credit weaknesses," exposing the government's balance sheet to exchange rate risk.

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