As already mentioned, consumption remained strong promoted by low interest rates and extensive installments plans for the purchase of durable goods. Moreover, despite high inflation, consumer confidence reaches a four-year record high level, although it was stable through the recent months. Probably one of the reasons for the booming consumption is that wages are growing in a similar way to inflation, and in some cases even faster, fostering consumption.On the fiscal front, fiscal balance remains stable, fuelled by the economic recovery, although public spending continues at record high levels, and it could suffer further increases due to additional expenditures related to the upcoming presidential elections. The trade balance was affected by growing imports and somewhat slow export growth. Capital outflows have increased in the second quarter of 2011, and will probably remain high during the election period.
Telecom Argentina CEO Discusses Q2 2011 Results - Earnings Call Transcript
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