Argentina’s Economy Contracts Again as Unemployment Rises
- Economic activity in October fell 0.3% m/m; rose 4.5 % y/y
- Economic growth expected at 5% this year, to slow to 1% in ‘23
A customer shops at a supermarket in Buenos Aires, Argentina.
Photographer: Erica Canepa/BloombergThis article is for subscribers only.
Argentina’s economy contracted for the second straight month in October as inflation rocketed toward 100% and unemployment rose for the first time since the pandemic.
Economic activity fell 0.3% compared to September, according to government data published Wednesday. From a year ago, the economy expanded 4.5%, though the country’s crucial agriculture sector contracted slightly on an annual basis.