Argentina Overhauls GDP Data, Confirming Economy in Recession
- Statistics agency revises economic growth for past 10 years
- Economy contracted for past three quarters, new data show
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Argentina unveiled the results of revised growth numbers for the past decade as the government of President Mauricio Macri seeks to restore investor confidence undermined by the previous administration. The data confirmed that the new president inherited an economy in recession.
Gross domestic product shrank 0.7 percent in the first quarter from the last three months of 2015, its third consecutive quarter-on-quarter contraction, the national statistics agency said. GDP expanded 0.5 percent in the first three months of the year from a year earlier. The median estimate of six economists surveyed by Bloomberg was for a 1 percent year-on-year contraction.