Key View

• Argentina’s government is set to take an increasingly dominant role in the operation and development of the country’s road network, following the announcement of plans to nationalise five road concessions.
• The combination of a decline in public spending on road projects and a paring back of the private sector’s involvement in the

Key View

• Argentina’s medical device market will record growth of 43.5% in 2020 and 42.9% in 2021 in local currency terms, a reflection of financial market volatility, elevated inflation and extremely high interest rates on consumption and investment.
• Medical device imports will continue to represent most of the market despite local

Key View

• A new public works plan, Argentina Hace, will provide an infrastructure stimulus that will limit the fall in public infrastructure investment in Argentina in 2020.
• We broadly maintain our forecast for the Argentine construction industry to contract in 2020, as the stimulus will not be enough to offset weak private investment in

Key View

• The weak state of the construction industry will limit opportunities for construction firms in the market over the coming quarters, with the industry set to see falling investment through 2020.
• Domestic firms will continue to dominate Argentina’s competitive landscape in these conditions, as the limited opportunities available in the

Key Views:

• Honda Motor’s decision to pull out from Argentina’s passenger car production industry and focus on motorcycles highlights the company’s strategic shift to a more affordable transportation segment.
• We believe that capacity underutilisation, coupled with a weakening currency and falling consumer spending could also lead other car

Key View

• Transport infrastructure investment is set to fall through 2020 in Argentina as government spending cuts and the limited advance of public-private partnership (PPP) projects will weigh on activity in the sector.
• From 2021, we expect the sector will see an uptick in investment, though risks to this view are weighted to the downside

Key View

• We have revised down our real growth forecast for Argentina’s construction industry to a contraction of 4.2% y-o-y in 2019 and an additional 3.3% y-o-y in 2020, down from a previous forecast of a contraction of 2.8% y-o-y in 2019 and growth of 2.1% y-o-y in 2020.
• Elevated uncertainty around policy direction will weigh heavily on

Key View

• We at Fitch Solutions expect that Argentina will continue to suffer from elevated inflation and currency weakness over the coming quarters, due to concerns over policy direction under an anticipated new administration.
• We have revised our forecast for the Argentine peso, which we now expect will reach ARS66.15/USD at end-2019 and

Key View

• A renewed crisis of market confidence in Argentina is generating significant risks to the country's fiscal and external accounts.
• We at Fitch Solutions now expect the fiscal deficit to widen over the coming quarters, as the government attempts to mitigate the impact of a significant depreciation of the peso and anticipated spike in

Key View

• Near-term economic weakness will hinder medical device suppliers, which will have to continue to increase prices, deal with larger debts and reduce operational costs in Argentina.
• A poorer economic environment and higher inflation will continue to inflate medical device trade in local currency terms.
• A weaker exchange rate, with