Economics
Argentine Economy Shrinks the Most Since Global Financial Crisis
- Unemployment rose to 9.1% as the recession hit industries
- Most economists expect Argentina to return to growth in 2Q
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Argentina’s economy sharply contracted in the fourth quarter while unemployment rose, potentially hurting President Mauricio Macri’s approval ratings as he seeks re-election later this year.
Gross domestic product fell 6.2 percent from a year ago, the country’s statistics institute said on Thursday. It was the worst quarterly performance since 2009 after the global financial crisis, although Argentine economic data was considered unreliable until 2016. Analysts had forecast a 6.4 percent contraction.