* BBVA, the Spanish banking group, has revised down its 2018 economic growth forecast for Argentina. A BBVA report highlights that Argentina’s GDP fell sharply during the second quarter of this year due to the serious drought and currency crisis affecting the country. According to the updated forecast published by BBVA, Argentina’s GDP is now expected to fall by 2.4% in 2018, against the 3% rise predicted in August last year. The banking group believes that this trend will partly reverse during the first quarter of 2019, thanks to the expected recovery of the agriculture sector, the impact of the depreciation of the peso on exporting and import substituting sectors, and the partial recovery of real incomes. However, BBVA predicts that the pace of growth will be weak and that GDP will contract by 0.3% in 2019.
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