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ECONOMY | 27-06-2018 11:12

INDEC: Foreign debt, unemployment on the increase as economic growth wanes

Severe drought in the otherwise rich farming region of the Pampa saw Argentina's economic activity in the month of April drop 0.9 percent compared to the same month last year, the bureau reported.

Argentina’s foreign debt sits at US$253 billion, the INDEC statistics bureau reported Tuesday.

The data from the first quarter of this year reflect a US$19.2-billion increase on data from the final quarter of 2017. The figure does not include the US$50 billion that Argentina has secured in the form of a stand-by loan with the International Monetary Fund (IMF).

The country’s current account deficit totalled US$ 9.6 billion, the INDEC reported.

Meanwhile, severe drought in the otherwise rich farming region of the Pampa saw the country’s economic activity in the month of April drop 0.9 percent compared to the same month last year. It is the first decrease in economic activity in 13 months, pulling in annual growth to a total of 2.4 percent.

Last week, the INDEC reported a 1.7-percent rise in unemployment to 9.1 percent in the first quarter of 2018 with 6.8 percent of the population considered “under-employed”.

-TIMES

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