Argentina's economic activity recovered 0,6% in the second quarter of 2019 compared to the same period last year, but contracted 0,3% compared to the January-March period.
In the first half of the year, the Gross Domestic Product (GDP) accumulated a fall of 2,5%, reported the Institute of Statistics (Indec) this Thursday (19.09.2019/XNUMX/XNUMX).
The recovery was due to the positive impact of the growth of the agricultural sector (+46%) for the period April-June, after the poor campaign suffered the previous year due to a severe drought.
By then, Argentina had accumulated four quarters of sharp declines in activity: -3,8% in the second quarter of 2018, -3,7% in the third quarter of 2018, -6,1% in the fourth quarter of 2018 and -5,8% in the first quarter of 2019.
GDP contracted by 2,5% in 2018.
Argentina is in a critical situation, according to the Organization for Economic Cooperation and Development (OECD).
According to OECD forecasts released on Thursday, the country will experience a 2019% decline in activity in 2,7 and its GDP will fall by another 1,8% in 2020.
Despite a slight economic recovery in the second quarter of 2019, the unemployment rate rose to 10,6%, compared to 9,6% in the same period in 2018, INDEC also reported on Thursday.
In mid-2018, Argentina agreed to a fiscal adjustment program with the International Monetary Fund, which granted it a loan of around 57.000 billion dollars, of which it has received 44.000 billion so far.
#DataINDEC
The gross domestic product (#PIB) grew 0,6% year-on-year in the second quarter of 2019 https://t.co/JJ9igx0Bzr pic.twitter.com/eo47lPry3p- INDEC Argentina (@INDECArgentina) September 19, 2019
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