• GDP was forecast to contract 1% in survey of economists
  • Economy contracted 0.7% in first quarter from previous quarter

Argentina’s gross domestic product unexpectedly rose 0.5 percent in the first quarter from a year earlier, the statistics agency said.

The average estimate of six economists surveyed by Bloomberg was for the economy to contract 1 percent after expanding 0.9 percent in the last three months of 2015. GDP contracted 0.7 percent in the first three months of the year from the last quarter of 2015, according to a statement released in Buenos Aires.

The statistics agency is holding a press conference to give more details and to release a new series of annual GDP growth from 2004 to 2015.

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