Industrial activity in Argentina dropped 6.4% during August compared to a year ago and 2.8% over last July, totalling a slide of 8.1% so far this year, according to the official stats office, Indec.
Argentine President Mauricio Macri, trying to recover from a bruising primary election loss, announced on Thursday an end to sales taxes on basic food products until the end of the year in a bid to salvage his re-election prospects and end an economic crisis.
Argentina will give its auto exporters a larger tax rebate to help stimulate the flagging local sector that has been hit hard by a consumption slump and economic crisis in Latin America’s No. 3 economy.