Economics
Argentine Economy Shrank in Second Quarter Amid Worst Covid Wave
- Gross domestic product contracted 1.4% q/q; expanded 17.9% y/y
- Covid lockdown, beef ban, elevated inflation hurt activity
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Argentina’s economy contracted in the second quarter as the country’s worst wave of the pandemic reduced activity and government trade restrictions cooled relations with the private sector.
Gross domestic product fell 1.4% in the second quarter compared to the previous period, compared with economists’ expectations of a 1.6% decline. From a year ago, GDP rose 17.9% as a result of the base effect from the beginning of the pandemic in Argentina, according to government data published Tuesday.