Jonah Shrock is studying history at Brown University in Providence, RI.
Share this News
Twelve consecutive months of negative growth came to a halt in May when economic activity grew 2.6 percent compared to May of last year, and 0.2 percent compared to April, as a result of the agricultural harvest, according to a report released Thursday by the National Institute of Statistics and Census (INDEC).
The economy descended into recession in 2018 and was down 3.1 percent compared to last year for the first five months of 2019, according to Indec.
GDP fell 2.5 percent last year. The International Monetary Fund (IMF) adjusted its estimate for this to a fall of 1.3 percent after initially projection a reduction in GDP of 1.3 percent.
Agriculture production was exceptionally high, showing a 49.5 percent difference year-on-year, which explains the strong economic indicator. Almost all sectors of industry and commerce continued to shrink.