Martín Berardi, the CEO of Ternium Argentina, held a meeting with entrepreneurs of the cities of San Nicolas and Ramallo, where Ternium plants are located, unveiling his viewpoint on the country’s economy.
According to Berardi, the gross domestic product (GDP) should decline this year by 3.8 percent, although there are uncertainties about the scenario for the second half of the year.
In his view, there are perspectives for more investments and increased exports in the most dynamic sectors of the economy, namely agriculture, energy, mining, research and tourism, which will result in a second semester with an improved performance, when compared to the first semester.
He mentioned that the stabilization of the economy is showing “ramp-up” costs that are being noticed all over the country, quoting a 30 percent decline, comparing the first halves of 2024 and 2023, for the performance of the sectors of civil construction, automotive and domestic appliances.
The decline in the agriculture machinery sector has followed a similar path, but for a different reason, as it was hit by the severe drought that recently affected the country, but nonetheless it is expected to recover along the rest of the year.
In his view, the energy sector, chiefly oil and shale gas, will remain as the main driver of the economy.
Regarding the international scenario, Berardi mentioned that currently “the world maintains a sustainable development, while inflation seems to be under control, so interest rates should decline as consequence, for the benefit of the countries that need financial credit”.
So far in the year, the inflation rate in Argentina has reached 89 percent, or 272.7 percent if considered the last 12 months.