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UPDATE 1-Argentina Feb economic activity falls 1.9 pct month-on-month
April 25, 2017 / 7:46 PM / 6 months ago

UPDATE 1-Argentina Feb economic activity falls 1.9 pct month-on-month

(Adds details from report, background on economy)

BUENOS AIRES, April 25 (Reuters) - Argentina’s economic activity fell 1.9 percent in February compared with the previous month, the largest month-on-month drop since President Mauricio Macri took office in December 2015, the country’s Indec statistics agency said on Tuesday.

Activity also fell 2.2 percent compared with the same month the previous year, Indec said. The data show that despite exiting recession with two consecutive quarters of modest growth last year, Latin America’s third-largest economy has gotten off to a rough start in 2017.

The year-on-year drop was driven by a 7.1 percent decline in manufacturing activity, a 6.7 percent drop in mining activity and a 4.9 percent decrease in wholesale and retail commerce. The agricultural sector grew 1.8 percent while the financial sector grew 1 percent, the data showed.

Inflation spiked in February to 2.5 percent and remained high in March, prompting the central bank to hike interest rates earlier this month. (Reporting by Luc Cohen; editing by Diane Craft and Sandra Maler)

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