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LatinNews Daily - 23 September 2020

In brief: Argentina suffers historic GDP slump in Q2

* Argentina’s national statistics institute (Indec) has published GDP figures for the second quarter of 2020, according to which the country’s economy contracted by 19.1% compared with the same period last year. This marks Argentina’s steepest quarterly GDP decline since Indec records began in 1980. GDP contracted by 16.2% compared to the first quarter of 2020, with private consumption falling by 18.9% and investment by 27.3%. Indec noted that all sectors had suffered contractions in the context of the coronavirus (Covid-19) pandemic and the restrictions taken to contain it, but that those most affected were hotels and restaurants, which plummeted 73.4% year-on-year; and community, social, and personal services, which plunged by 67.7%. Argentina’s total GDP contraction across the first six months of 2020 was 12.6% year-on-year.

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