The economy fell 11.6% in August

The Monthly Economic Activity Estimator (EMAE) estimated that August registered a year-on-year fall of 11.6%. The country lost almost four million jobs in the worst months of the quarantine, but many who kept their jobs saw their incomes decline. Also, the volatility of alternative exchange rates and the exchange rate gap began to generate problems in future expectations about the situation of the economy. The lack of dollars in official reserves started to impact on replacement costs, corporate debts and imports.

Source: La Nación