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Bucking downward trend, Argentina GDP grows 0.6% in Q2

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Bucking downward trend, Argentina GDP grows 0.6% in Q2

Argentina's GDP grew 0.6% year over year in the second quarter of 2019, according to preliminary data from statistics agency Indec, marking the country's first positive reading in more than a year.

The annual growth follows four consecutive quarters of contraction. The second quarter's seasonally adjusted GDP still declined by 0.3% compared to the previous quarter.

In terms of global demand, private consumption slipped 7.7% year over year while public consumption slid 1.7%. Gross fixed capital formation also dropped 18.0%, although exports of real goods and services climbed 15.0%.

Among sectors, the agriculture, livestock, hunting and forestry segment posted the largest growth at 46%, while financial intermediation declined 13.5%.

The recorded growth in the second quarter is expected to buoy Argentina's yearly economic performance, amid forecasts of another contraction in the third quarter.

"The third quarter will be very bad, especially this month and next, until the elections," Ledesma consultant Gabriel Caamaño told La Nacion. "With the jump in devaluation, consumption and investment will fall significantly from the second quarter."