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  • Demonstrators protest against President Macri's budget bill on Nov. 14, 2018

    Demonstrators protest against President Macri's budget bill on Nov. 14, 2018 | Photo: Reuters FILE

Published 24 November 2018

Argentina's economy decreased by 5.8 percent between September 2017 and September 2018 as Macri Administration applies IMF-backed policies.

As a consequence of economic austerity, Argentina is in recession. The country's economy contracted by nearly six percent in the first nine months of 2018, compared to the same period in 2017, according to the Instituto Nacional de Estadisticas y Censos (INEC).

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"A 5.8 percent interannual GDP contraction is the worst data for any September since 2010... And the year's worst part has not yet arrived," Sergio Chouza, a professor at the National University of Avellaneda, said, according to El Perfil.

In addition, between August and September, production decreased by 1.9 percent in Argentina. The reduction in economic activity was due to a contraction of 10.8 percent in manufacturing, 12.8 percent in consumption and 2.9 percent in construction.

In September, the Argentine economy reached six consecutive months of negative indicators and two consecutive quarters with shrinking production - denoting recession.

"The poverty level in Argentina: the Total Basic Basket increased 7,5 percent in October."

Between March and November 2016, Argentina's gross domestic product (GDP) shrank for nine consecutive months, the second such phase during the Mauricio Macri Administration.

Macri committed to an adjustment program which adheres to an International Monetary Fund directive that will reconstruct the Argentinian economy through public spending downsizing

The policies have, so far, reduced consumption and enhanced the existing economic crisis.

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