LATAM Corporates Daily: Your daily dose of all things LatAm

研报英文原文证据摘录

LATAM Corporates Daily: Your daily dose of all things LatAm

J P M O R G A N Latin America Credit Research

26 June 2026

LATAM Corporates Daily

Your daily dose of all things LatAm

Highlights Latin America Corporate Research

Natalia Corfield AC

• Argentina: Real GDP and current account improved in 1Q26 (1-212) 834-9150

natalia.corfield@jpmorgan.com

• Performance J.P. Morgan Securities LLC

Alejandra Andrade

Prices in this note are as of June 25, 2026.

(1-212) 834-3220

alejandra.andrade@jpmorgan.com

J.P. Morgan Securities LLC

Ian B Snyder

Argentina: Real GDP and current account improved in 1Q26 (1-212) 834-3798

ian.b.snyder@jpmchase.com

Argentina’s 1Q26 GDP grew 3.0% q/q saar, marking a seventh straight quarter of J.P. Morgan Securities LLC

expansion and putting real GDP 1.5% above its pre-crisis peak. Growth was driven Florencia Palacios

by a 3.4% rise in private consumption, while fixed investment fell 6.7% and public (1-212) 622-1129

consumption dropped sharply. Both exports and imports contracted, with net florencia.x.palacios@jpmorgan.com

exports posting a deficit of 4.3% of GDP. For the rest of 2026, GDP is expected to J.P. Morgan Securities LLC

accelerate, with annual growth forecast at 3.2%. On the external side, the current Bhavya Gupta

(91-22) 6157-3132

account deficit narrowed to US$1.7bn (1% of GDP) in 1Q26, mainly due to a bhavya.x.gupta@jpmchase.com

stronger trade surplus and lower imports, partially offset by higher dividend J.P. Morgan India Private Limited

outflows. The 12-month current account deficit improved to 0.6% of GDP, and

further gains are expected as energy, agriculture, and mining exports rise and

imports remain subdued, with the trade surplus forecast at US$25bn and the current

account now expected to be balanced for the year.