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LatinNews Daily - 27 June 2018

In brief: Argentina

Argentina: Argentina’s national statistics institute (Indec) has released figures which show that economic activity in Argentina contracted by 0.9% in the month of April compared with the same month in 2017. When compared with the previous month, economic activity contracted by 2.7%. The fall in activity registered in April coincides with the volatility of the Argentine peso which began to sharply loose value agains the US dollar at the end of the month resulting in a series of interest rate increses by the central bank. After a weekly cabinet meeting following the latest growth figures, Marcos Peña, the chief of the cabinet of ministers, told reporters that considering the currency crisis and external shocks to the economy it was probable that Argentina would experience some more “recessive months”. The fall of economic activity in April means that the year-on-year GDP growth for the first four months of 2018 is at 2.4%, whereas the first quarter of 2018 had registered growth of 3.6% compared with the same period in 2017.

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