Argentine cenbank ups 2010 growth outlook to 9 pct

BUENOS AIRES, Oct 29 (BestGrowthStock) – Argentina’s economy is on
track to grow 9 percent this year, the central bank said in a
report, raising its previous estimate of 7 percent and bringing
it in line with government forecasts.

Latin America’s No. 3 economy is growing at one of the
region’s fastest rates, boosting appetite for the nation’s
growth-linked securities and bolstering President Cristina
Fernandez’s approval ratings ahead of a 2011 presidential
election.

“Argentina’s strong economic expansion has forced us to
revise our forecast upward to 9 percent growth for 2010, above
the previous report,” the central bank said in its quarterly
report released late on Thursday.

The government’s 2010 budget bill foresaw growth of 2.5
percent, but officials have raised the estimate to 9 percent as
the economy continues to be fueled by strong demand for
Argentine-made cars and manufactured goods from neighboring
Brazil and a bumper soybean and corn harvest.

Argentine shares and bonds rose this week after the death
of former President Nestor Kirchner. Married to Argentina’s
current president, Kirchner was regarded as market-unfriendly
by many investors. He was seen having a strong influence on
economic policy and was expected to run for the country’s 2011
presidential election.

(Reporting by Karina Grazina; Writing by Luis Andres Henao;
Editing by Andrew Hay)

Argentine cenbank ups 2010 growth outlook to 9 pct