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Argentina's economy sank 4% in October, INDEC data shows

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Argentina's economy sank 4% in October, INDEC data shows

Argentine economic activity dropped 4.0% in October compared to a year ago, bringing the country's decline for the year to 1.7%, according to a report from INDEC, the national statistics agency.

The October result marked the seventh consecutive year-over-year drop in monthly economic activity, INDEC said. However, the agency's economic activity index for October was 0.9% higher as compared to September.

The accumulated results of the monthly index are a preview of GDP, which according to Argentina's statistics bureau fell 3.5% in the third quarter year on year. Nonseasonal evolution of GDP from the linked quarter had shown a decrease of 0.7%.

The sharpest dives on the monthly report appeared in retail (-11.2%), industry (-6.2%), and transport and communications (-3.3%). On the upside, Fishing (+28.4%) and Agriculture and Livestock (+2.9%) showed improvement from the same month last year.

The negative impact of September's devaluation was felt in October mostly on consumer oriented sectors, while a more competitive peso showed favorable results in exports related activity.