Argentina's GDP contracts 10% in 2020

Argentina's GDP fell 10% in 2020, according to national statistics agency Indec.

In December 2020 alone, the country's economic activity narrowed 2.2% year over year but ticked up 0.9% compared to the previous month.

Among sectors, hotels and restaurants contracted the most at 47.1% year over year in December 2020, followed by transportation and communications at 19.2%. Other community, social and personal services also dropped 14.7%.

By contrast, the wholesale, retail and repair segment grew 10.7% while financial intermediation expanded 11.3%.

The drop in economic activity was the worst since Argentina's 2002 crisis, when GDP dropped 10.9%.