MercoPress. South Atlantic News Agency
Argentina's economy contracts 4.3% year-on-year in June
Economic activity shrank at a seasonally adjusted 0.3% pace in June from May, Indec said. A downturn in construction likely drove the contraction in June. Argentina's economy shrank 4.3% year-on-year in June, a much sharper contraction than expected in the first official growth data reported during President Mauricio Macri's term.
In the first half of 2016, economic activity fell 1.3% from the same period in 2015, announced Indec, shortly after Macri's cabinet chief Marcos Pena forecast a 1% contraction for all of 2016.
Indec had held off on reporting key economic indicators after Macri ordered a restructuring due to suspicions it manipulated data during the government of his predecessor Cristina Fernandez.
Economic activity shrank at a seasonally adjusted 0.3% pace in June from May, Indec said. A downturn in construction likely drove the contraction in June.
Macri said earlier this month that the economy will likely grow 3.5% in 2017, driven by fresh investments. A former businessman whose election victory in November ended 12 years of leftist policies, Macri said the economy will stabilize in the last quarter of 2016.
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Read all commentsWhat a freaking surprise!
Aug 26th, 2016 - 11:10 am 0Not...
Perronism has destroyed rg.
Aug 26th, 2016 - 12:47 pm 0A growth rate that people believe!
Aug 26th, 2016 - 01:21 pm 0Very surprising.
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