Economy
11:00, 28-Feb-2019
2018: Argentina's economy shrinks by 2.6%
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Argentina's economy shrank by 2.6 percent in 2018, a year which ended with the South American giant going into recession, the state statistics bureau said on Wednesday.
The continent's third-largest economy suffered two currency crashes last year that saw the peso lose half of its value against the dollar. It was gripped by an economic crisis that forced President Mauricio Macri to secure a 56 billion-U.S.-dollar bailout loan from the International Monetary Fund.
It entered recession in December after the statistics bureau revealed the economy had diminished for two quarters in a row.
Disgruntled citizens have seen their buying power fall by almost half, leading virtually every sector of industry to see a decrease in activity.
Macri is expecting a gradual turnaround of fortunes during the year, a crucial one for his government with presidential elections slated for October 27.
He will be aiming for a second term and currently leads the polls ahead of former president Cristina Kirchner, who has been implicated in eight ongoing corruption investigations.
Source(s): AFP