Argentine Economy Contracts First Time Since 2012 on Default
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Argentina’s economy contracted more than forecast in the third quarter after the South American nation defaulted on its debt for the second time in 13 years, forcing the government to crimp imports amid a shortage of dollars.
Gross domestic product shrank 0.8 percent from the year-earlier period, the national statistics agency reported today. The median estimate of nine economists surveyed by Bloomberg was for a decline of 0.6 percent, after growth stalled in the previous three months.