Indicators
Not Even a World Cup Win Can Save Argentina’s Economy From Decline
- Economic activity in December shrank 1% m/m; -1.2% y/y
- Argentine economy poised to enter recession in early 2023
Photographer: Tomas Cuesta/AFP/Getty Images
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Argentina’s economy contracted more than expected in December even after the country won its much-celebrated third World Cup title, confirming the view that the nation will likely enter recession later this year.
Economic activity declined 1% in December from November, the fourth straight month of declines, according to government data published Thursday. From a year ago, activity dropped 1.2%, worse than economists’ expectations for 0.9% growth and the first negative annual print since early 2021.