Argentina’s economy is still plunging. Economic activity dropped 3.7 percent in September, compared to the same month last year, according to the latest data released by the INDEC statistics bureau today.
September was the ninth consecutive month of decline for the economy when compared to the previous year. So far this year, Argentina’s economic activity has declined 2.4 percent. September’s drop is the third steepest after July’s 5.6 percent and June’s 4.5, while the year’s average is 2.2 percent.
The report outlined by the so called Monthly Estimator of Economic Activity (EMAE) indicates the negative numbers are product of a drop in all main sectors of the economy: industry, construction and domestic consumerism. Private consulting firms anticipate that the trend is likely to continue into October as well. The Macri administration has put its expectations of economic recovery onto the next year, in line with private analysis, saying that Argentina’s economy will likely contract 2 percent this year before growing again in 2017.