The economy of Argentina shrank 19.1% year-on-year in the second quarter of 2020, following a downwardly revised 5.2% decline in the previous period and compared with market expectations of a 19.6% drop. It was the sharpest contraction on record, as the coronavirus pandemic hit the economy. Output shrank further in manufacturing (-20.8% vs -6.3% in Q1); wholesale & retail trade (-16.9% vs -5.9%); construction (-52.1% vs -19.8%); transportation & communication (-22.5% vs -5.2%), and real estate (-14.3% vs -1.9% and agriculture (-10.7% vs -5.2%). Also, output contracted in public administration (-12.8% vs 0.3%) and mining (-18.3% vs 0.3%). On the expenditure side, private consumption plunged 22.3 percent; and gross fixed investment slumped 38.4%, and public spending decreased 10.1 percent. On a quarterly basis, the GDP tumbled a record 16.2%, after contracting a downwardly revised 4.2% in the prior period.
GDP Annual Growth Rate in Argentina averaged 1.95 percent from 1994 until 2020, reaching an all time high of 16.20 percent in the second quarter of 2010 and a record low of -19.10 percent in the second quarter of 2020. This page provides the latest reported value for - Argentina GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Argentina GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2020. source: Instituto Nacional de Estadística y Censos (INDEC)
GDP Annual Growth Rate in Argentina is expected to be -12.00 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 15.00 in 12 months time. In the long-term, the Argentina GDP Annual Growth Rate is projected to trend around 3.50 percent in 2021 and 2.00 percent in 2022, according to our econometric models.