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ECONOMY | 27-12-2018 22:07

October slump: INDEC records seventh straight month of economic decline

Economic activity in October declined by four percent, reports national statistics bureau.

Economic activity fell by four percent in October, compared to the same month the previous year, the INDEC national statistics bureau reported today.

That was the seventh straight month of economic decline registered by the bureau, as Argentina continues to struggle with an economic downturn, high inflation and a collapse in consumption following the sharp devaluation of the peso earlier this year.

In September, the previous month, economic activity was down 6.1 percent, compared to the same month in 2017.

In total, economic activity has contracted by 1.7 percent this year, Noticias Argentinas reported, against the same 10 months of the previous year.

Recent statistics from INDEC confirmed that Argentina had officially entered a recession, after two consecutive quarters in the red.

In October 2018, the biggest slumps were seen in trade (down 11.2 percent), manufacturing (down 5.3 percent) and construction (down 4.7 percent).

- TIMES/AFP

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