Macroeconomy/Finance

Argentina’s economy shrank 2.1% in 2019 following 2.5% in 2018, Indec

Argentina’s recession-hit economy shrank by 2.1% in 2019, the INDEC national statistics bureau said. The economy contracted by 0.3% in December compared to the same period in 2018. The hardest-hit sectors that month were financial services (-10%), and construction (-8%). On the other hand, the fishing industry grew by 13.5%. GDP had already dropped by 2.5% in 2018. Argentina has been in recession since mid-2018 as poverty and unemployment are on the rise and inflation surpassed 50% over the last year.

Source: Buenos Aires Times