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Argentina's GDP expands 4.2% YOY in Q3

Argentina's GDP expanded 4.2% year over year in the third quarter and grew 0.9% compared with the second quarter, according to government statistics agency Indec.

The annual growth was driven by increases of 4.2% in private consumption, 1.8% in public consumption and 13.9% in investments, Indec said. The country's exports ticked 2.1% higher.

"This is the highest year-on-year growth since the second quarter of 2013," Argentina's finance ministry said in a statement.

The government anticipates GDP growth of around 3% in 2017 following a contraction of 2.2% last year, Reuters reported, noting that annual growth higher than 3% may trigger a payout of debt instruments called GDP warrants.

Moody's recently raised Argentina's sovereign ratings by one notch, citing stronger growth prospects as a result of economic reforms such as the introduction of a free-floating exchange rate.