n May, Argentina’s economy contracted by 0.1% as compared to the previous month, according to the National Institute of Statistics and Censuses (Indec).
This follows the 1.8% decline from March to April, showing a continuous reduction in economic activity.
May’s economic activity also fell 5.5% year-on-year, marking two successive months of decline.
While most sectors saw year-on-year improvements in May, the agriculture and livestock industry, severely affected by drought, saw a significant 43.8% decrease.
The fishing sector also experienced a sharp year-on-year fall of 22.6%.
The overall economic activity decline in Argentina for the first five months of the year was 1.3%, according to Indec’s report.
In contrast, the country’s Gross Domestic Product (GDP) in the previous year increased by 5.2%, a substantial drop from the 10.4% growth in 2021.
Forecasts for 2023 suggest a potential contraction of 3%, according to private economists, differing from the initial budgetary growth projection of 2%.
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