Argentina's GDP shrank 1.7% year over year in the third quarter of 2019, according to preliminary data published Dec. 17 by statistics agency Indec, marking the country's fifth consecutive quarter without growth.

The year-over-year decrease in economic activity between July and September follows a stagnant second quarter, with a 0% variation, while the first quarter of 2019 saw GDP fall sharply by 5.8%. The third quarter's seasonally adjusted GDP also posted a 0.9% decline compared to the linked quarter.

Private consumption fell 4.9% while public consumption dropped 0.9%, year over year. Gross fixed capital formation also slipped 10.2%, while exports of real goods and services increased by 14.2%.

The agriculture, livestock, hunting and forestry sector posted the largest growth at 12.2%, while the mining and quarry sector gained 3%. The manufacturing and financial intermediation sectors were among the worst performers, posting 4.7% and 14.2% decreases, respectively.