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BUENOS AIRES: The Argentine economy grew "close to 2.8 percent" last year, Guido Sandleris, head of the advisory body to the Treasury Ministry, told a gathering of Japanese business leaders on Monday.

The data, according to Sandleris, shows a clear recovery of the third-largest economy in Latin America after a contraction of gross domestic product of 2.2 percent in 2016.

"Last year the Argentine economy grew close to 2.8 percent and we project higher growth this year, close to 3.5 percent," said Sandleris in Buenos Aires.

If the data is confirmed, the government of President Mauricio Macri will be exempt from paying a coupon for a bond tied to the level of expansion of the economy, which demanded a minimum floor of growth of more than 3 percent.

The government's Indec statistics office will announce the 2017 activity level report on March 21.

 

Copyright Reuters, 2018