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ECONOMY | 25-10-2018 18:32

Economic activity in August down 1.6% year-on-year

Economic activity fell 1.6 percent in August year-on-year, the INDEC national statistics bureau reported today, with figures indicating a slump in the manufacturing industry.

Economic activity fell 1.6 percent in August year-on-year, the INDEC national statistics bureau reported today, with figures indicating a slump in the manufacturing industry.

That marks the fifth consecutive month of decline, indicating the depth of the economic challenges facing the government, with an ongoing recession and inflation continuing to soar. 

In total, economic activity has fallen by 0.9 percent this year, INDEC reported.

The figure, which was a 1.3-percent rise on July's decline (of -2.7 percent), was led by a five-percent contraction in domestic trade year-on-year, with a 4.1-percent slump seen in manufacturing.

The economy is predicted to shrink by 2.6 percent this year, according to the International Monetary Fund, although the government's own figures put it slightly thinner at 2.4 percent.

Inflation is expected to hit 40 percent, according to official estimates, with some economic consultancy firms predicted it will touch as high as 47 percent.

- TIMES/AFP

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