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Argentine economy shrinks 2.6% in H1

The Argentine economy slid by 0.4% in June from the previous month and accumulates a 2.6% fall year to date, the INDEC statistic agency reported.

On a year-over-year reading, economic activity remained unchanged for June at 0.0%. The figures indicate that rumors of an economic recovery prior to the recent primary elections were largely unfounded.

The financial sector suffered the biggest impact in the semester drop, posting a 15.1% yearly fall in June. A strong 45.7% growth from the agricultural sector helped to balance the economy's aggregate result.

Industry, construction and retail sectors also dropped, resulting in the second consecutive monthly contraction for economic activity.