70% of the employed population earned less than $400,000 at the end of March, and in the case of households, adding the income of all its members, that sum reached $735,000, the National Institute of Statistics and Censuses reported this Tuesday. (Indec).
For the organization, the 10% of households with the highest income were those that earned more than $1,329,500 at the end of March, and individually, those who had achieved income above $700,000 could be considered “rich.”
These figures are from the report on “Functional distribution of income”, which was released today by INDEC, and which, among other things, gives an account of the income gap that exists in society.
For this, it uses the “Gini Coefficient” which establishes “1” as the highest level of inequality, and “0” as the highest level of equity. This measure reached 0.467 points at the end of the first quarter of the year, above the 0.446% of the same period last year.
It should be remembered that between both measurements, unemployment increased to 7.7% compared to 6.9% in January-March of last year, amid a 5.3% drop in economic activity.
Economist Carlos Melconián considered that this drop in activity and the rise in the unemployment rate “is a product of what happened last year,” however he warned that from now on “it depends on the Government finding a direction.”
“The Government is stagnant. He made this financial program to get out of the inheritance left to him by the previous one (from Alberto Fernández) with US$11,000 million of negative reserves. But now he has to start having an economic plan, in addition to one that allowed him to get out of inflation,” Melconian said in statements to Radio Miter.
The economist recalled that “the GDP has not grown since 2011, and divided by each of the Argentines, it is at the 2006 level, something that only happens in a country that had a war.”
Meanwhile, a report by the consulting firm Orlando Ferreres and Associates found that the industry experienced a 9.8% year-on-year decline in May, and a 1% decline compared to April.
This confirms that the economy is far from registering a short “V”-shaped rebound and is instead moving in the direction of an “L” with a recession that extends over time. Both the Government and the IMF recalculated the fall in GDP to 3.5% this year.
