Economic activity in Argentina fell 4.0% in October versus the same month last year, the government said on Thursday, marking the seventh straight month of declines as the country grapples with recession and high inflation.
The official stats office Indec said that October's Monthly Economic Activity Index was up 0.9% compared to September, which means that compared to a year ago retraction reached 1.7% under the impact on the Peso currency run, inflation, collapse of consumption, devaluation and low investment.
Another factor with an impact on the Argentine economy was the drought which affected agriculture's production volumes and yields.
According to Indec, the recessive period took off last April with a year-to-year contraction of 0.3%, which became a downfall in May with a 5% collapse. In July the MEAI was down another 6% annually, in August 1.9% and in September 6.1%.
In October some of the sectors that avoided the downfall were fishing (up 28%); agriculture, livestock, forestry, with an average 2.9% increase; education and social services 1.1%, and public health services, 0.02%.
At the other extreme were wholesale and retail, down 11.2%; manufacturing down 5.3%; construction, 4.7%; hotels and restaurants, 3.4%; transport and communications, 3.3%; mining and quarries, 2.7% and financial services, 2.3%. Likewise, the retraction is also felt in the fiscal sector with tax revenue in October down, 6.2%.