Argentina’s economy is still plunging. Economic activity dropped 2.6 percent in August, compared to the same month last year, according to the latest data released by the INDEC statistics bureau today.

August was the fifth straight month of declines for the economy when compared to the previous year. So far this year, Argentina’s economic activity has declined 2.3 percent, according to INDEC.

The result was slightly higher than what analysts were predicting, considering that a Reuters poll expected the number to come in at negative 2.1 percent.

The numbers suggest what members of President Mauricio Macir’s administration had already been saying: the economy will remain in a recession in the third quarter of the year. Still, the declines seem to have slowed. In July, the EMAE index, which is a reliable proxy for GDP, had plunged 5.9 percent, which was the worst drop since 2009.

Another reason for potential guarded optimism: Compared to July, Argentina’s economic activity increased 0.2 percent in August.

Private analysts have been saying that Argentina’s economy will likely contract 2 percent this year before growing again in 2017.