Wednesday, September 28, 2016 INDEC: economy shrank 5.9% in JulyMost severe contraction in 14 years, based on annual comparison, led by constructionThe economy registered its most severe contraction in almost 14 years in July, shrinking by 5.9 percent when compared with the same month last year, the INDEC statistics bureau announced yesterday — a steeper decline than even the gloomiest estimates. The news casts a further shadow over the government’s economic plans, which has struggled to kickstart the economy. INDEC pinpointed the chief negative factors as lower consumer demand and industrial production (with manufacturing output down 7.9 percent). The numbers were drawn from the EMAE monthly index of economy activity. Trade surplus reportedGreater exports and a reduction in imports to Argentina resulted in a trade surplus of US$ 705 million in August according to the Indec statistics bureau.

Source: Bueno Aires Herald September 28, 2016 03:11 UTC