Argentina Economy Contracted in June as Recession Grinds On
- Economic activity in June declined 0.3% m/m; -3.9% y/y
- Almost all sectors in the economy posted annual declines
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Argentina’s economy unexpectedly contracted in June, shrinking for the fourth time in six months as a deep recession weighs down early signs of recovery.
Economic activity dropped 0.3% in June from May, compared with analysts’ expectations for 0.4% growth. From a year ago, activity fell 3.9%, according to government data published Wednesday. Almost all sectors in Argentina’s economy posted annual declines except for farming, fishing and mining.