Several factors like the growing household income from a healthier labor market, government transfers to the low-income segments, and an expansive monitory policy stimulated private consumption. High inflation was a consequence of the increase in demand from the private sector, significant expansion in public spending and some supply strains, especially in the food segment.Moreover, steady FX rates and low interest rates also stimulated consumption over savings. In this context, the government benefited from the recovery as a slight increase in fiscal surplus was registered, despite reaching a record level of fiscal spending to GDP.
Telecom Argentina CEO Discusses Q4 2010 Results - Earnings Call Transcript
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