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Reports
We offer reports on the Argentine economic and financial situation, focused on key aspects such as the level of activity, fiscal accounts, inflation, interest rates and exchange rates.
Presentations
We make in-company presentations on the Argentine and international economic situation, adjusting to the client's needs.
Consultations
We are available for specific queries from our clients on current issues via phone or email.
Forecasting
We prepare detailed long-term economic forecasts and alternative scenarios for budgeting and decision making.
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Last Reports
January closed with a highly positive balance for the Argentine economy. After moving past the electoral noise and with a macroeconomy showing signs of stabilization, the Government managed to make significant progress in reserve accumulation, brought country risk down to the 500-point range, and kept the exchange rate under control. However, February has begun with a slightly more complex scenario, as clouds gather on both the external and domestic fronts.
Inflación, INDEC y polémica. Después de un enero tranquilo, el gobierno se autoinfligió ruido innecesario con la decisión de postergar la implementación del nuevo índice de inflación, causando la renuncia del titular del INDEC. No son buenas señales. En un país con una historia de manipulación de estadísticas todavía fresca, la credibilidad cuesta mucho construirla y muy poco dañarla. La decisión también es difícil de entender: si bien en 2024 la diferencia entre ambos índices fue de 16.5 p.p., en 2025 fue de apenas 1 p.p. Con tarifas bastante más alineadas, estimamos que la diferencia tampoco iba a ser significativa en 2026. Yendo al corto plazo, enero pinta para cerrar con una inflación cercana al 2.5%. Nuestro relevamiento de alimentos y bebidas se mantuvo en el 2.8% mensual, y los regulados aumentaron nuevamente cerca de 3.4%. La buena noticia es que registramos una desaceleración importante en alimentos para la última semana del mes.
A turning point? After a year characterized by high economic volatility and political uncertainty, the government has strengthened its political position, supported by greater representation in Congress and continued popular backing. Confidence in the administration has recovered to high levels after suffering a significant decline prior to the October elections. This political consolidation has improved governance conditions and enhanced the government’s capacity to advance its policy agenda.
Country risk reached its lowest level since June 2018 last week. The reserve accumulation program was the final push the indicator needed to seek new lows. The market saw results and rewarded them: the Central Bank added USD 1,100 million in January, and the index broke below the 500-basis-point mark.
Suben reservas, baja el riesgo país. El BCRA mantiene la racha compradora con un saldo positivo de US$ 1,083 millones en enero. Esta consolidación del programa de reservas se sumó a un clima internacional favorable: la exitosa colocación de Ecuador (que salió al mercado con 450 puntos de riesgo país) validó el apetito por emergentes y envió una señal positiva para un eventual regreso de Argentina al crédito internacional. El riesgo país perforó los 500 puntos, alcanzando mínimos no vistos desde 2018. Con Ecuador operando en la zona de 413 y la canasta de comparables en 317 puntos, esperamos que el spread argentino siga comprimiendo si el Central sostiene el ritmo de compras.
Articles
Más rápido de lo que muchos economistas esperaban, el Gobierno va consolidando su objetivo de cerrar el año con déficit fiscal cero, mejora de las cuentas del Banco Central, y camino a la tasa de inflación de un dígito porcentual….
About Us
Graduate in Economics from the University of Buenos Aires and Ph.D. in Economics from Columbia University. Professor and researcher at the Di Tella University and academic advisor at FIEL
With vast experience as an advisor to multilateral organizations such as the IMF, the World Bank and the Inter-American Development Bank, as well as several Latin American countries, he held prominent roles in the financial sector, including the presidency of Banco Hipotecario S.A. and functions in the Ministry of Economy and the Central Bank of the Argentine Republic.
He was an Assistant Professor at the University of Maryland, and taught at institutions such as CEMA, Georgetown University, and Columbia University.
He is a columnist and author of numerous articles in international publications. Author of the book “The Argentine economic crisis, a history of adjustments and imbalances” with Sebastián Kiguel.
Graduate in Economics from the University of Buenos Aires and MSc in Economics from the University of Warwick (UK).
He was an economic consultant at the Inter-American Development Bank (IDB) and at Econviews. He also served as an advisor at the Ministry of Economy and the Ministry of Transport of Argentina.
Alejandro Giacoia
Economist
Bachelor of Economics (UBA).
Pursuing a Master’s Degree in Finance (Di Tella)
Pamela Morales
Economist
Bachelor of Economics (UCEMA).
Associate Professor of Macroeconomics UCEMA
Rafael Aguilar
Economist
Bachelor of Economics (UBA).
He was an assistant in the UBA National Accounts chair
Leila García
Economist
Bachelor of Economics (UBA).
Assistant in the UBA Argentine Economic History