BUENOS AIRES, March 21 (Xinhua) -- Argentina's gross domestic product (GDP) fell 2.5 percent in 2018, the National Institute of Statistics and Census (INDEC) said Thursday.
During the last quarter of 2018, Argentina had a reduction of 1.2 percent in GDP compared with the previous quarter, which marks the second largest economic contraction, preceded by the 3.8-percent decline in the second quarter in which the U.S. dollar appreciated against the peso and the economy began reporting negative numbers.
According to the report from the state agency, the GDP in October to December fell 6.2 percent compared to the same period in 2017
Declines in imports of actual goods and services (26.1 percent), private consumer spending (9.5 percent) and public spending (5.1 percent) were also reported by INDEC.
On the other hand, exports of actual foods and services saw an increase of 10.4 percent on a year-on-year basis.
Argentina closed out the year with an inflation rate of 47.6 percent, as a result of intense volatility which had been registered since May 2018. Added to this is an unemployment rate hovering at 9.1 percent and a poverty rate of 27.3 percent, according to the latest official figures.
