Recession Is Worsening According To INDEC Data

The statistics bureau reports are painting a still uninviting picture of the country's current economic situation.

On Wednesday of this week, the INDEC statistics bureau published its Monthly Economic Activity Estimator (EMAE), which are the basis to the country's gross domestic product (GDP) figures to be published in the last quarter of the year. The results showed that the pace of the country's recession is worsening. June has shown the largest contraction by far, as it ended with a 4.3 decline in the economic activity on a year basis.

Both April and May ended with a 2.1 percent contraction and in the first three months of the year the economy performed somewhat better, with growth of half a percentage point on average in January (up by 0.3 percent), February (1.0 percent) and March (0.4 percent).