CORRECTED (OFFICIAL)-Argentina economy to grow over 3% in 2023, minister says

(Corrects growth target for 2023 to over 3% following clarification from ministry that over 5% figure “this year” referred to 2022)

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BUENOS AIRES, Jan 8 (Reuters) – Argentina’s economy will grow more than 3% in 2023, Economy Minister Sergio Massa said on Sunday.

The most recent official data shows the South American country’s economy expanded 5.9% on a year-on-year basis in the third quarter of 2022. Argentina’s budget for 2023 estimates growth of 2% for this year.

“What expectations do I have for this year, first to grow more than three points, and it would be the third year of consecutive growth,” Massa, who took up his post in mid-2022, told the Argentine newspaper Perfil.

Referring to economic growth in 2022 he said the level would be above analyst expectations of around 3.5%-4%.

“It will be well above 5%,” he said.

Argentina’s government is facing an economic crisis marked by an inflation rate of nearly 100% last year and depleted foreign currency reserves. (Reporting by Maximilian Heath; Writing by Julia Symmes Cobb; Editing by Paul Simao)

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