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By: Aldo Leporati
Argentina's economy exited a prolonged recession in the second half of 2016, with government data (Indec statistics agency) showing a 0.5 % expansion in the fourth quarter of 2016 compared with the third quarter. The agency also revised its estimate for third-quarter GDP to a 0.1% increase over the second quarter, up from a 0.2 percent decline previously. Taken together, the data show Argentina's economy grew in the second half after shrinking for three straight quarters.
Center-right President Mauricio Macri's administration is hoping an economic recovery ahead of midterm elections in October can boost flagging approval ratings. His "Let's Change" coalition has been trying to convince voters to give Macri a chance to continue its agenda of market-friendly reforms.
Indec's report highlighted the challenge Macri faces in ensuring the recovery is felt on the streets. While the agricultural sector and exports grew compared with the fourth quarter in 2016, retail and wholesale commerce fell 2.5 percent.
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