Inversión y consumo traccionaron el PBI en el inicio de 2023

Inversión y consumo traccionaron el PBI en el inicio de 2023

La actividad sorprendió con un crecimiento de 0,7% en la previa del shock por la sequía, con la tracción conjunta de todos los factores de la demanda agregada menos las exportaciones

 

Por Mariano Cuparo Ortiz

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La actividad económica sorprendió en el primer trimestre y creció gracias al impulso tanto del consumo como de la inversión, cuya tasa alcanzó niveles máximos para los últimos años. Todos eso a pesar de las proyecciones que apuntaban a una fuerte contracción de la mano del salto inflacionario y del efecto de la sequía, que provocó cierto control importador. En ese marco, las proyecciones para lo que viene siguen siendo negativas y tienen asidero: el impacto de la sequía golpeó de lleno la cosecha gruesa, lo que generó menos ingreso de dólares y puede afectar las importaciones. A eso se le suma la cercanía de las elecciones y el crecimiento de la incertidumbre.

El PBI creció en línea con lo que venía mostrando el EMAE del Indec: fue una suba de 0,7% durante el primer trimestre y en comparación con el cuarto trimestre del 2022. Lo que más traccionó fue el consumo, que estuvo lejos de sentir el impacto de la inflación sobre los ingresos fijos y creció un 2,1% trimestral desestacionalizado.

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La expectativa es que el gasto de los hogares encuentre un tope en algún momento, pero los datos de abril y de mayo no fueron del todo negativos en ese sentido y no se vienen registrando señales de una clara contracción. La recaudación del IVA DGI siguió en alza en términos reales. Y el Indicador de Consumo de la Cámara Argentina de Comercio (CAC) anotó una suba de 2,6% mensual durante abril, aunque con variación de 0% en mayo.

La propia inflación aparece como una paradójica explicación al fenómeno: con cepo y serias dificultades para defenderse de la pérdida de valor de los pesos, los hogares tienden a gastar principalmente en durables pero también en supermercados, tal como mostró hasta marzo el Indec a través de la encuesta de facturación sectorial. El instituto estadístico publicará los números de abril este viernes, lo que permitirá vislumbrar cómo continuó la cuestión.

Pero eso no fue todo: el consumo en alza fue acompañado por un crecimiento de la inversión. Aunque la formación bruta de capital fijo cayó a principio de año un 0,6% con respecto al primer trimestre del 2022, en la comparación contra el trimestre previo (es decir, el cierre del año pasado) se registró una mejora de 2,1%.

La tasa de inversión viene en niveles altos y siguió creciendo en lo que va del año, hasta llegar al 18,9% del PBI. El pico registrado entre 2016 y 2019 fue una de 15,6% en el cierre del 2017 electoral, pero había caído al 12,1% a fines del 2019. El punto más alto del Frente de Todos había sido a mediados del año pasado, cuando llegó a 18,7%. Se trata de un nivel históricamente alto.

Desde la consultora ACM afirmaron: "Estos resultados superaron con creces las expectativas que tenía el mercado al iniciar este trimestre y hasta el momento no se observa el enfriamiento esperado de la actividad económica. No obstante, es esperable que para el segundo trimestre, en donde el sector agrícola desempeña un rol muy importante dado que se produce el grueso de la cosecha de soja y maíz, la actividad se vea resentida por tal efecto y registre un peor desempeño. Además, en un escenario de escasez de divisas, el cual puede influir en mayores restricciones en el acceso a divisas para importaciones podría afectar el abastecimiento de insumos para la industria y repercutir en la producción. Adicionalmente, todo eso ocurriría en un escenario de incertidumbre electoral que puede provocar desincentivos en el consumo y/o en la inversión".

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