Argentina's economic activity contracts less than expected in August
Tweet
Share
E-mail
FILE PHOTO: A greengrocer counts Argentine peso bills at a local market,as Argentina is due to release consumer inflation data for April, in Buenos Aires, Argentina May 11, 2024. REUTERS/Irina Dambrauskas/File Photo
BUENOS AIRES (Reuters) - Argentina's economic activity grew 0.2% in August from July and fell less than expected from a year ago in the South American country's third straight month of year-on-year contraction, its official statistics agency said on Wednesday.
The grains-rich country's economic activity fell 3.8% year-on-year, less than an estimated 4.9% drop by analysts in a Reuters survey.
Tough austerity measures by libertarian President Javier Milei, which have helped lower inflation and stabilize state finances, have also taken a toll on many sectors of the economy.
Construction had the steepest decline in August, contracting 17%, while the wholesale and retail sector and manufacturing fell 7.9% and 6.7% respectively.
Five sectors posted year-on-year growth in August, statistics agency INDEC said, notably fishing, which was up just over 17%, and mining, which grew 6%.
(Reporting by Hernan Nessi and Aida Pelaez-Fernandez; Writing by Brendan O'Boyle; Editing by Richard Chang)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Between cartel threats and US airstrikes, Ecuador fishermen have nowhere to hide
- Earthquake hits Spanish city of Granada, damages buildings and cars
- Exclusive-Anthropic IPO valuation hinges on $190-200 billion 2028 revenue forecast, sources say
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
