Buenos Aires, May 19 (IANS): Argentina's economic growth rate slowed down significantly in the first quarter of 2012, compared on a yearly basis, according to a report published by the nation's statistic agency.

The official data showed that the growth rate was 4.8 percent in the first three months of this year, falling by more than four percentage points compared with the same period of last year, reported Xinhua.

Economic activity in March rose by 4 percent year-on-year and 0.5 percent over that in February, which is the lowest in the past 28 months, said the report Friday.

It noted that macroeconomic performances in Argentina are still sound despite declining growth rates.

The country's tax revenue was 148.49 billion Argentine pesos ($33.29 billion) in the first quarter of 2012, up 29.1 percent year-on-year.

Its trade surplus reached $2.9 billion in the period, higher than that registered in the same period last year.

The Argentine government expects the economic growth rate in 2012 to reach 5.1 percent, but many experts put it between 3.4 to 4 percent due to high inflation and sluggish global economy, among other factors.