The government estimates that the strike will cost the economy more than US$500 million

He National strike This Thursday will cost economic activity if it is held by CGT Over 500 million dollarsAccording to estimates by the national government and the private sector.

For this purpose, it was judged that observance of general strike in various productive sectors of the economy would be reasonable. “Taking today’s calculated monthly GDP and making accessibility assumptions that we think are reasonable. 520 million USD daily Cost”, they assured from the Economic Committee.

A calculation made by an economist Fausto Spotorno Together with UADE, he rounded up the number USD 544 million. “According to preliminary estimates by the UATE Institute of Economics, the economic cost of the general strike on May 9, 2024 $489,272 million oh USD 544 million. This number is equal 1.1% of GDP in May or the 24.3% would have been produced on. This calculation assumes that all sectors and regions will not lose equally during the strike and that even 20.1% of what was initially lost will be recovered within the month,” they explained from the research center.

“To calculate this impact, the effect on each economic sector was estimated based on similar events in the past. Practically few sectors They suffered no harm and others recovered quickly. However, there are other sectors and institutions They suffer irreparable losses and others, though much of what was lost could be recovered, a A very long time. Therefore, this calculation was done from sector to sector,” they noted from the UATE Institute of Economics.

“In this assessment, only direct losses are taken, net of recoveries during the month. For example, Trade will recover 35% Y Restaurants 0% Unsold. In this sense, the sectors that explain most of the negative impacts are the manufacturing and construction sectors. “Both sectors will lose production that will be difficult or costly to recover,” they concluded.

Service and manufacturing sectors will be hit the hardest 544 million dollars UADE estimated, absorbent 277 million dollars. Education, health services and social services are about $90 million, about $81,000 million. This was followed by trade at $56 million, financial intermediation at $43 million, among others.

Within the producers of goods, there will be a total impact 175 million dollars, 110 million dollars, with almost 100,000 million pesos, focusing mainly on the manufacturing sector. Construction, for its part, will cost about $50 million.

Major chambers of commerce came out to reject the general strike. The Argentine Chamber of Commerce and Services (CAC), said, “The notified action is unjustified and inappropriate.” “It is noteworthy that five months after the inauguration of the current national government, the second general strike is already taking place, in the four years of the previous presidency – when many of the mentioned evils were incubating – there was not a single protest of these characteristics. It is worth noting that the economic and social panorama at that time was different: of poverty The increase and the quadrupling of the inflation rate between 2019 and 2023 are two examples of this,” they pointed out.

For its part, the Argentina Confederation of Medium Enterprises Representing Small and Medium-sized Industrial and Commercial Enterprises (CAME), “The fall in demand, which will seriously affect SME trade and industrial production, will be exacerbated by the situation where factories and premises remain closed throughout the day. This will create significant additional economic losses for the sector.

“CAME is aware of the difficulties the country is facing. “For this reason, it maintains that SMEs must work to meet their financial obligations and be the main producers of registered employment in Argentina,” they concluded.