Argentina's economy contracted sharply in the second quarter after a severe drought roiled agricultural production and as the country works with the International Monetary Fund to stem spiraling inflation and control government finances.
Argentina's President Mauricio Macri vowed to press ahead with reforms to the country's tax, labor and retirement systems in a speech on Monday, a week after his Let's Change coalition swept to victory at the polls in midterm elections.
Argentina posted a primary fiscal deficit of 144 billion pesos (US$8.4 billion), or 1.5% of GDP in the first half of 2017, Treasury Minister Nicolas Dujovne said on Wednesday, beating the government target for a gap of 2% of GDP. The primary fiscal deficit was 103 billion pesos in the second quarter, compared with 41 billion pesos in the first quarter.