Argentina’s gross domestic product shrank by 5.1% compared to the same period last year, while unemployment climbed to 7.7% in the first quarter of 2024, according to reports by the National Institute for Statistics and Census (INDEC) released on Monday. In terms of interannual comparisons, construction (–19.7%) and industrial manufacturing (–13.7%) sectors were the most affected, according to the study. Meanwhile, the 7.7% unemployment rate is higher than in the first quarter of 2023 (6.9%). A May report from the statistics bureau INDEC indicated that March economic activity fell by 8.4% year-on-year and 1.4% from February. You may also be interested in: Argentina’s dollar rates, EMBI index surge while bonds, shares plummet

Source: Bueno Aires Herald June 26, 2024 01:44 UTC