The GDP of Argentina contracted 3.5 percent year-on-year in Q3, matching expectations and compared to a downwardly revised 4.0 percent fall in Q2. The decline was mainly explained by: manufacturing (-6.6 percent vs -1.7 percent in Q2), retail (-8.9 percent vs -1.3 percent), and the agricultural sector (-5.2 percent vs -31.3 percent). On the expenditure side, private consumption contracted 4.5 percent (vs +0.6 percent in Q2) and government spending shrank 5.0 percent after declining 2.6 percent. Also, gross fixed capital plunged 11.2 percent (vs +2.9 percent). Exports fell 5.9 percent (vs -8.5 percent in Q2) and imports tumbled 10.2 percent (vs 3.1 percent). On a quarterly basis, GDP shrank 0.7 percent after an upwardly revised 4.1 percent dip in Q2 to fall into recession. GDP Annual Growth Rate in Argentina averaged 2.54 percent from 1994 until 2018, reaching an all time high of 16.20 percent in the second quarter of 2010 and a record low of -16.30 percent in the first quarter of 2002.
GDP Annual Growth Rate in Argentina is expected to be -1.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Argentina to stand at -1.20 in 12 months time. In the long-term, the Argentina GDP Annual Growth Rate is projected to trend around 2.30 percent in 2020, according to our econometric models.