Argentina: Decline in economic activity softens in June
On an annual basis, economic activity fell at a slower pace of 12.3% in June (May: -20.5% yoy). The contraction was broad-based, with the hotels and restaurants, and community, social and personal services subsectors being the hardest hit in June.
On a monthly basis, economic activity grew 7.4% in June, a more moderate increase from May’s 9.7% rise. Meanwhile, the trend deteriorated further, with the annual average variation of economic activity coming in at minus 6.9%, down from May’s minus 5.9% reading.