Argentina’s embattled economy shrank 2.5 percent in 2018

March 21, 2019

BUENOS AIRES (Reuters) – Argentina’s economy contracted 2.5 percent in 2018, the country’s statistics agency said on Thursday, as the Latin American nation struggles to revive growth after being rattled by a currency crisis and steep inflation over the past year.

The economy also shrank 6.2 percent in the fourth quarter of the year, in line with analyst forecasts, but still the weakest quarterly performance since 2009. That followed a 3.5 percent dip in the quarter before.

President Mauricio Macri said last year that the country had been battered by “endless storms” in 2018, which pulled the country into recession and saw the local peso currency lose around half its value against the dollar.

(Reporting by Jorge Iorio and Walter Bianchi; Writing by Adam Jourdan; Editing by Chizu Nomiyama)

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