The INDEC statistics agency released its monthly report on the state of the economy yesterday, and surprise, surprise… the Macri administration got a new set of green numbers to add to its books since it says that Argentina’s economy grew by 2.7 percent in the last 12 months, the highest number since 2015. It also says that 1.6 percent of it took place during the first semester of this year. Moreover, the country’s GDP grew by 0.7 percent during the second quarter of the year compared to the same period of 2016, marking the third consecutive quarter of growth.

However, before moving on to dissect the figures, we should clarify that the total numbers of the economy are still lower than the peak registered in 2015 — before Macri took office in December that year — and that these high numbers, to some extent, have to do with the extremely low ones that were registered last year.

However, practically all sectors of the economy continued to grow this month, led by construction, industrial and retail. Investment grew by 7.7 percent compared to last year — the largest increase in eight years, which in part could be explained by the large number of public works conducted by the government — while private consumption grew by 3.8 percent.

This last figure was pushed forward entirely by government spending and businesses, as Indec confirmed that household consumption continues to decrease.

Officials in the Macri administration working for the economy sector are optimistic and assure that the numbers will continue this upward trend. “GDP has been growing at a 1 percent average which, when projected annually, gives us a 4.1 percent growth rate,” a source from the Treasury Ministry, led by Nicolás Dujovne, told La Nación.

“The growth in investment confirms that we are beginning a period of sustained growth. It’s being felt more and more in all sectors. Consumption is a good example of that, as it’s growing faster and faster. We hadn’t seen such an increase in consumption since the third quarter of 2013,” this source concluded.