As Argentina’s Election Race Heats Up, Recovery Starts to Cool
(Bloomberg) -- Argentine builders and manufacturers took a step back in June, in poorly-timed news for President Mauricio Macri who faces a critical primary vote on Sunday.
Construction activity in Argentina fell 4.2% in June compared with May, overshadowing smaller gains in the previous two months. It was down 11.8% from a year ago. Industrial production, which rose in April and May, also sunk 1.8% in June on a monthly basis and dropped 6.9% from a year prior, according to government data published Tuesday.
It's possible the economy still grew in June due to exports from a record crop harvest. While the bad economic news may not have a major impact on the results of the primary vote due on Aug. 11, it contradicts Macri's message on the campaign trail that the economy is finally finding its footing after a brutal recession.
Economists recently revised down their expectations for second quarter growth to 0.5% from 0.7% previously, according to the central bank's monthly survey published on Aug. 2.
To contact the reporter on this story: Patrick Gillespie in Buenos Aires at pgillespie29@bloomberg.net
To contact the editors responsible for this story: Juan Pablo Spinetto at jspinetto@bloomberg.net, Bruce Douglas
©2019 Bloomberg L.P.
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