{"id":11315,"date":"2026-02-03T19:17:05","date_gmt":"2026-02-03T22:17:05","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=11315"},"modified":"2026-02-03T19:17:08","modified_gmt":"2026-02-03T22:17:08","slug":"%ec%98%a4%eb%8a%98%ec%9d%98-%ea%b2%bd%ec%a0%9c02%ec%9b%94-03%ec%9d%bc-2","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=11315","title":{"rendered":"\uc624\ub298\uc758 \uacbd\uc81c(02\uc6d4 03\uc77c)"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

\uc624\ub298\uc758 \uacbd\uc81c<\/p>\n\n\n\n

    \n
  1. \uc0c8\ub85c\uc6b4 IPC (\uc18c\ube44\uc790\ubb3c\uac00\uc9c0\uc218) \ub3c4\uc785 \uc5f0\uae30
    1\uc6d4 \uc2dc\ud589\uc774 \uc774\ubbf8 \ud655\uc815\ub418\uace0 \uc900\ube44\uae4c\uc9c0 \ub418\uc5c8\uc74c\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0, \uc815\ubd80\ub294 \uc778\ud50c\ub808\uc774\uc158 \uce21\uc815\uc758 \uc0c8\ub85c\uc6b4 \ubc29\ubc95\ub860 \ub3c4\uc785\uc744 \ucca0\ud68c\ud558\uba70 \ud1b5\uacc4\uae30\uad00\uc5d0 \ub300\ud55c \uc815\uce58\uc801 \ud1b5\uc81c \uc5ec\ubd80\ub97c \ub458\ub7ec\uc2fc \uc758\ubb38\uc744 \ub2e4\uc2dc \ubd88\ub7ec\uc77c\uc73c\ucf30\ub2e4.
    6\ub144 \uc774\uc0c1 INDEC (\uad6d\uac00\ud1b5\uacc4\uccad) \uad6d\uc7a5\uc744 \ub9e1\uc544\uc654\ub358 \ub9c8\ub974\ucf54 \ub77c\ubc14\ub0d0\ub294, \uc778\ud50c\ub808\uc774\uc158 \uce21\uc815 \ubc29\uc2dd \uc5c5\ub370\uc774\ud2b8\uc640 \uad00\ub828\ud574 \uc815\ubd80\uac00 \ud6c4\ud1f4\ud55c \uac83\uc5d0 \ud56d\uc758\ud558\uba70 \uc790\ub9ac\uc5d0\uc11c \ubb3c\ub7ec\ub0ac\ub2e4.
    \uc0c8\ub85c\uc6b4 \ubb3c\uac00 \ubc14\uc2a4\ucf13\uc740 \uc815\ubd80\uac00 \ub514\uc2a4\uc778\ud50c\ub808\uc774\uc158 \uacfc\uc815\uc5d0\uc11c \uc77c\uc815\ud55c \uc548\uc815\uc131\uc744 \ud655\ubcf4\ud560 \ub54c\uae4c\uc9c0 \uc5f0\uae30\ub418\uc5c8\uc73c\uba70, \uc774\ub85c \uc778\ud574 IPC\uc758 \uc2e4\uc81c \ucd94\uc774\uc5d0 \ub300\ud55c \ubd88\ud655\uc2e4\uc131\uc774 \ucee4\uc84c\ub2e4.
    \uc62c\ud574 \uc815\ubd80\ub294 \uacf5\uacf5\uc694\uae08\uc758 \ud070 \ud3ed \uc778\uc0c1\uc744 \uacc4\ud68d\ud558\uace0 \uc788\uc5c8\ub294\ub370, \uc774\ub294 \ubb3c\uac00 \uc218\uc900 \uc0c1\uc2b9\uc744 \uc790\uadf9\ud588\uc744 \uac83\uc774\ub2e4.
    \uc774\ubc88 \uc5c5\ub370\uc774\ud2b8\ub294 IMF\uc640\uc758 \ud569\uc758 \uacfc\uc815\uc5d0\uc11c \ubbf8\ub904\uc838 \uc628 \uacfc\uc81c\uc600\uc73c\uba70, \uacbd\uc81c\ubd80\ub294 \ub2e4\uc74c \uc815\uae30 \uc810\uac80\uc5d0\uc11c \ud070 \ubd80\uc815\uc801 \uc601\ud5a5\uc744 \ucd08\ub798\ud558\uc9c0\ub294 \uc54a\uc744 \uac83\uc73c\ub85c \uae30\ub300\ud558\uace0 \uc788\ub2e4.<\/li>\n\n\n\n
  2. \uc678\ud658\ubcf4\uc720\uc561 \ub9e4\uc785 \uc9c0\uc18d, \uc815\ubd80 21\uac70\ub798\uc77c \ub3d9\uc548 \ubbf8\ud654 11\uc5b5 9,600\ub9cc \ub2ec\ub7ec\ub97c \ub9e4\uc785
    \uc0c8\ub85c\uc6b4 \ub2ec\ub7ec \ub9e4\uc785 \uc81c\ub3c4 \ub355\ubd84\uc5d0 \uc911\uc559\uc740\ud589\uc740 \uc678\ud658\ubcf4\uc720\uc561\uc744 \uac15\ud654\ud560 \uc218 \uc788\uc5c8\uace0, \ucd5c\uadfc \uac70\ub798\uc77c\uc5d0\ub294 3,900\ub9cc \ub2ec\ub7ec\ub97c \ucd94\uac00\ub85c \ub9e4\uc785\ud588\ub2e4.
    \ub2e4\ub9cc 2\uc6d4\uc5d0\ub294 \uacc4\uc808\uc801 \uc694\uc778\uc73c\ub85c \ud654\ud3d0 \uc218\uc694\uac00 \uac10\uc18c\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub418\uba74\uc11c \ubcf4\uc720\uc561 \ub9e4\uc785 \uc18d\ub3c4\ub294 \ub454\ud654\ub420 \uac83\uc73c\ub85c \ubcf4\uc778\ub2e4.
    \ub514\uc2a4\uc778\ud50c\ub808\uc774\uc158 \uacfc\uc815\uacfc \ud68c\uc0ac\ucc44 \ub7a0\ub9ac\uc5d0 \ub530\ub978 \ub2ec\ub7ec \uc720\uc785 \ub355\ubd84\uc5d0 \ud658\uc728\uc740 \uc548\uc815\uc138\ub97c \uc720\uc9c0\ud558\uace0 \uc788\ub2e4.
    \uc774\ub7ec\ud55c \uc548\uc815\uc740 3\uc6d4 \ub610\ub294 4\uc6d4\uae4c\uc9c0 \uc774\uc5b4\uc9c8 \uac00\ub2a5\uc131\uc774 \uc788\ub294\ub370, \uc774 \uc2dc\uae30\uc5d0\ub294 \ub300\ub450 \uc218\ud655\uc774 \ubcf8\uaca9\ud654\ub418\uba70 \uc911\uc559\uc740\ud589\uc758 \uc678\ud658 \ub9e4\uc785\uc744 \ub4b7\ubc1b\uce68\ud560 \uac83\uc73c\ub85c \ubcf4\uc778\ub2e4.
    \uc774\ub7ec\ud55c \ud658\uc728 \uc2dc\ub098\ub9ac\uc624\uc5d0 \ubca0\ud305\ud558\uba70 \uc815\ubd80\ub294 \uc678\ud658\ubcf4\uc720\uc561 100\uc5b5 \ub2ec\ub7ec \ucd95\uc801 \ubaa9\ud45c\ub97c \uc124\uc815\ud558\uace0 \uc788\ub2e4.
    \uc774\ub0a0 \uc8fc\uc694 \ud658\uc728\uc740 \ub2e4\uc74c\uacfc \uac19\uc774 \ub9c8\uac10\ud588\ub2e4.
    \uacf5\uc2dd \ud658\uc728 1,451\ud398\uc18c, \ube14\ub8e8 \ud658\uc728 1,450\ud398\uc18c, MEP \ud658\uc728\uc740 1,450.23\ud398\uc18c, CCL \ud658\uc728\uc740 1,491.76\ud398\uc18c\uc600\ub2e4.,
    \ube14\ub8e8 \ub300\ube44 \uaca9\ucc28\ub294 \ub9c8\uc774\ub108\uc2a4 0.07%, MEP \ub300\ube44 \ub9c8\uc774\ub108\uc2a4 0.05%, CCL \ub300\ube44 \ud50c\ub7ec\uc2a4 3.02%\uc600\ub2e4.<\/li>\n\n\n\n
  3. \uc6d4\uc2a4\ud2b8\ub9ac\ud2b8\ub294 \uc0c1\uc2b9, S&P \uba54\ub974\ubc1c \ud558\ub77d, \uad6d\uac00\uc704\ud5d8\ub3c4 500bp \uc774\ud558 \uc720\uc9c0
    \ub2ec\ub7ec\uac00 \uac15\uc138\ub97c \ubcf4\uc774\uace0 \ubc18\ub3c4\uccb4\ub97c \ud3ec\ud568\ud55c \uae30\uc220\uc8fc\uac00 \uc0c1\uc2b9\ud558\ub294 \ud658\uacbd \uc18d\uc5d0\uc11c, \uc6d4\uc2a4\ud2b8\ub9ac\ud2b8\ub294 \uc804\ubc18\uc801\uc73c\ub85c \uae0d\uc815\uc801\uc778 \ud750\ub984\uc744 \ubcf4\uc600\ub2e4.
    \ub2e4\uc6b0\uc874\uc2a4 \uc0b0\uc5c5\ud3c9\uade0\uc9c0\uc218\ub294 1.05% \uc0c1\uc2b9\ud588\uace0, \ub098\uc2a4\ub2e5\uc740 0.56% \ubc18\ub4f1\ud588\uc73c\uba70, \uc804\uccb4\uc801\uc73c\ub85c\ub294 0.54%\uc758 \uc0c1\uc2b9\uc138\ub97c \uae30\ub85d\ud588\ub2e4.
    \uc774\ub7ec\ud55c \uc6c0\uc9c1\uc784\uc740 \ub2ec\ub7ec \uac15\uc138\uc640 \ud568\uaed8 \ubbf8\uad6d \uc81c\uc870\uc5c5 \ud65c\ub3d9 \uc9c0\ud45c\uc758 \uae0d\uc815\uc801 \uacb0\uacfc\uc5d0 \ud798\uc785\uc740 \uac83\uc774\ub2e4. \ud574\ub2f9 \uc9c0\uc218\ub294 52.6\uc73c\ub85c, \uc608\uc0c1\uce58\uc600\ub358 48.4\ub97c \uc0c1\ud68c\ud588\ub2e4.
    \ub610\ud55c \uc778\ub3c4\uc640\uc758 \uc0c8\ub85c\uc6b4 \ubb34\uc5ed \ud611\uc815 \uccb4\uacb0\ub85c \uc790\uae08 \ud750\ub984\uc774 \ubbf8\uad6d \uc2dc\uc7a5\uc73c\ub85c \uc720\uc785\ub418\uace0 \uc788\ub2e4.
    \ud55c\ud3b8 \uad6d\ub0b4 \uc2dc\uc7a5\uc5d0\uc11c\ub294 S&P \uba54\ub974\ubc1c \uc9c0\uc218\uac00 \ub2ec\ub7ec \uae30\uc900\uacfc \ud398\uc18c \uae30\uc900 \ubaa8\ub450\uc5d0\uc11c 2.97% \ud558\ub77d\ud588\uc73c\uba70, \ubb3c\uac00 \uce21\uc815 \ubc29\uc2dd \ubcc0\uacbd \uc18c\uc2dd\uc73c\ub85c ADR\uc774 \ud3c9\uade0 1.23% \ud558\ub77d\ud558\uba70 \uc870\uc815\uc744 \ubc1b\uc558\ub2e4.
    \ub2ec\ub7ec \ud45c\uc2dc \uad6d\ucc44 \uc2dc\uc7a5\uc740 \ud63c\uc870\uc138\ub97c \ubcf4\uc600\ub2e4.
    \uc774 \uacfc\uc815\uc5d0\uc11c \uad6d\uac00\uc704\ud5d8\ub3c4\ub294 \uc18c\ud3ed \uc0c1\uc2b9\ud588\uc9c0\ub9cc, 500bp \uc774\ud558\ub97c \uc720\uc9c0\ud558\uba70 495bp\ub85c \ub9c8\uac10\ud588\ub2e4.<\/li>\n\n\n\n
  4. 1\uc6d4 \uc870\uc138 \uc218\uc785 \uba85\ubaa9 \uae30\uc900 \uc804\ub144 \ub300\ube44 22% \uc99d\uac00, \uc2e4\uc9c8 \uae30\uc900 7.3% \uac10\uc18c
    1\uc6d4 \ucd1d \uc870\uc138 \uc218\uc785\uc740 18\uc870 3\ucc9c\uc5b5 \ud398\uc18c\uc5d0 \ub2ec\ud588\ub2e4.
    ARCA (\uc138\uae08\uad00\uc138\uad00\ub9ac\uccad)\ub294 \uc138\uc218\uc758 \ub300\ubd80\ubd84\uc774 \ubd80\uac00\uac00\uce58\uc138, \uc18c\ub4dd\uc138, \uae08\uc735\uac70\ub798\uc138, \uc0ac\ud68c\ubcf4\uc7a5 \uae30\uc5ec\uae08\uc73c\ub85c \uad6c\uc131\ub418\uc5c8\ub2e4\uace0 \uc124\uba85\ud588\ub2e4.
    \ubd80\uac00\uac00\uce58\uc138\ub294 \uacbd\uc81c\ud65c\ub3d9 \ub454\ud654 \uc18d\uc5d0\uc11c \ud070 \uac10\uc18c\ub97c \ubcf4\uc600\ub2e4.
    \uc218\ucd9c\uc138 \uc218\uc785\uc740 4,268\uc5b5 3,400\ub9cc \ud398\uc18c\uc5d0 \uadf8\uce58\uba70 \uba85\ubaa9 \uae30\uc900\uc73c\ub85c \uc804\ub144 \ub300\ube44 21.7%, \uc2e4\uc9c8 \uae30\uc900\uc73c\ub85c\ub294 40.6% \uac10\uc18c\ud588\ub2e4.
    \uc774\ub294 \ub300\ub450, \uc625\uc218\uc218, \ubc00\uc758 \uc138\uc728 \uc778\ud558\uc640 \ud574\ubc14\ub77c\uae30, \uc218\uc218, \ubcf4\ub9ac \ub4f1\uc758 \uc138\uc728 \uc870\uc815\uc774 \uc601\ud5a5\uc744 \ubbf8\uce5c \uacb0\uacfc\ub2e4.
    \uc218\uc785\uad00\uc138 \uc218\uc785\uc740 14.8% \uc99d\uac00\ud574 5,714\uc5b5 4\ucc9c\ub9cc \ud398\uc18c\ub97c \uae30\ub85d\ud588\uc73c\uba70, \uc5f0\ub8cc\uc138 \uc5ed\uc2dc \uc804\ub144 \ub300\ube44 27.3\ud37c\uc13c\ud2b8 \uc99d\uac00\ud558\uba70 \uc138\uc218 \ud655\ub300\uc5d0 \uae30\uc5ec\ud588\ub2e4.<\/li>\n\n\n\n
  5. Vista\ud68c\uc0ac, Equinor\ud68c\uc0ac \uc790\uc0b0 \uc778\uc218\ub85c \ubc14\uce74 \ubb34\uc5d0\ub974\ud0c0 \ub0b4 \uc9c0\ubd84 \ud655\ub300
    Vista\ub294 \uc9c0\ub09c\ud574 \ud398\ud2b8\ub85c\ub098\uc2a4 \uc790\uc0b0\uc744 \ucd1d 12\uc5b5 \ub2ec\ub7ec\uc5d0 \uc778\uc218\ud588\ub2e4.
    \uc774\ub97c \ud1b5\ud574 YPF\uac00 \uc6b4\uc601\ud558\ub294 \ub77c \uc544\ub9c8\ub974\uac00 \uce58\uce74 \ube14\ub85d\uc758 50%\ub97c \ud655\ubcf4\ud588\uc73c\uba70, \ud558\ub8e8 12\ub9cc \ubc30\ub7f4\uc758 \uc0dd\uc0b0 \ub2a5\ub825\uc744 \ud655\ubcf4\ud588\ub2e4.
    \uacbd\uc81c\uc801 \uce21\uba74\uc5d0\uc11c Vista\uc758 \ub9e4\ucd9c\uc740 16\uc5b5 5\ucc9c\ub9cc \ub2ec\ub7ec\uc5d0 \ub2ec\ud588\ub2e4.
    \uc774\ubc88\uc5d0\ub294 Equinor Argentina\uc758 \uc9c0\ubd84 100%\ub97c \uc778\uc218\ud558\uba74\uc11c, Bandurria Sur \uc720\uc804\uc758 25.1%\uc640 Bajo del Toro \ube14\ub85d\uc758 35%\ub97c \ud655\ubcf4\ud558\uac8c \ub418\uc5c8\uace0, \uc774\ub294 \ud558\ub8e8 \uc57d 22,000 \ubc30\ub7f4\uc758 \ucd94\uac00 \uc0dd\uc0b0\uc744 \uc758\ubbf8\ud55c\ub2e4.
    \uc774\ub97c \ud1b5\ud574 Vista\ub294 \uc77c\uc77c \uc0dd\uc0b0\ub7c9\uc744 15\ub9cc \ubc30\ub7f4 \uc774\uc0c1\uc73c\ub85c \ub04c\uc5b4\uc62c\ub9b4 \uc218 \uc788\uc744 \uac83\uc73c\ub85c \uc608\uc0c1\ub418\uba70, \ud655\uc778 \ub9e4\uc7a5\ub7c9\ub3c4 5,400\ub9cc \ubc30\ub7f4 \ucd94\uac00\ub41c\ub2e4.
    \uc778\uc218 \ub300\uae08 \uc911 \uc77c\ubd80\ub294 4\ub144 \ub9cc\uae30\uc758 \uae08\uc735 \uc870\ub2ec\ub85c \uad6c\uc131\ub418\uba70, Santander, Citi, Ita\u00fa\uac00 \uc8fc\ub3c4\ud558\ub294 \uc740\ud589 \ucee8\uc18c\uc2dc\uc5c4\uc758 \uc9c0\uc6d0\uc744 \ubc1b\ub294\ub2e4.
    \uac70\ub798 \uc885\uacb0\uc758 \ud575\uc2ec \uc870\uac74 \uc911 \ud558\ub098\ub294, \uce60\ub808 \ub2f9\uad6d\uc774 \ud574\ub2f9 \uac70\ub798\ub97c \uc2b9\uc778\ud558\ub294 \uac83\uc73c\ub85c, \uc774\ub294 \uce60\ub808\ub85c\uc758 \uc6d0\uc720 \uc218\ucd9c\uacfc \uc5f0\uad00\ub418\uc5b4 \uc788\ub2e4.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    \uc624\ub298\uc758 \uacbd\uc81c<\/p>\n","protected":false},"author":6,"featured_media":11316,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_themeisle_gutenberg_block_has_review":false,"_joinchat":[],"footnotes":""},"categories":[23,25,61],"tags":[],"class_list":["post-11315","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-noticias-argentina","category-informes-economicos"],"_links":{"self":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/11315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11315"}],"version-history":[{"count":1,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/11315\/revisions"}],"predecessor-version":[{"id":11317,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/11315\/revisions\/11317"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/11316"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}