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Argentina’s Economy Slumps 16.2%, Narrowly Beating Forecasts

  • Economic activity plunged at start of nationwide lockdown
  • Argentina posts worst quarterly decline since at least 2004

Argentina’s economy posted its sharpest quarterly contraction in recent history, though still narrowly beat economists’ forecasts.

Economic activity declined 16.2% in the second quarter compared to the first, reflecting the full impact of a nationwide Covid-19 lockdown implemented in late March. Economists had forecast a 16.6% quarterly decline.