Argentina’s GDP fell 5.4% in the first quarter

Argentina’s economy fell in the first quarter of the year by 5.4% year-on-year. The INDEC noted that “there was a negative impact on the manufacturing industry, wholesale, retail and repairs as well as construction”. Regarding the demand, reductions were observed in all the components: Private consumption (-6.6% year-on-year), Public consumption (-0.7%), Gross fixed capital formation (-18.3%) and Exports (-4.7). Covering the toughest part of the quarantine, analysts estimate that the collapse in the second quarter will be more than 10%.

Source: Ámbito