Argentina's economic activity rose 1.6% in December compared with the previous month, government data showed, a sign the economy likely expanded in the fourth quarter after a long recession. The economy fell 0.1% in December year over year and closed 2016 down 2.3% compared with 2015.
That ended a difficult year for Argentina as President Mauricio Macri enacted a number of market-friendly reforms aimed at liberalizing the economy and encouraging investment, which in the short-term contributed to rampant inflation.
The month-on-month rise in December shows the economy likely began a rebound in the fourth quarter of 2016 after four straight quarters of declines. Government statistics agency INDEC will publish fourth quarter GDP data next month.
Economic activity rose 1.2% month-on-month in November and was flat in October, Indec said in its report, both downward revisions from its estimates last month.