Argentina: Argentina’s national statistics institute (Indec) has revealed that in May economic activity measured by its monthly economic activity estimator (Emae), a GDP proxy measure, fell by 5.8% relative to the same month in 2017. When compared to April, the May Emae fell by 1.4%. The slowdown in economic activity registered in May coincides with the run on the Argentine peso which led the government to agree to a US$50bn Stand-By Agreement (SBA) with the International Monetary Fund (IMF) to help stabilise the currency. On 23 July, the IMF downwardly revised its growth projections for Argentina in 2018 from the 2% forecasted in April to 0.4% and predicted that the economy would contract in the second and third quarters of the year.
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