In this context, sectors like Banking, retail business, durable goods production and constructions were the main drivers of growth during the quarter. The recent decline in commodity prices and the international financial crisis has presented a more challenging scenario for Argentina with harder external financial conditions where slower global growth pace is expected.Regarding local consumptions, spending was driven largely by negative real interest rates which encouraged consumer lending. Also, disposable income rose significantly due to real wage increases and the increasing government transfers to social security programs. Consumer confidence remains in its four-year record albeit inflation continues to be the main concern in the local economy.
Telecom Argentina's CEO Discusses Q3 2011 Results - Earnings Call Transcript
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