Argentina's hard-hit economy edged out of recession in the second quarter of the year, expanding by a slight 0.6% on the back of a strong showing in the farming sector even as the South American nation braces for a weakening economic outlook ahead.
Argentine gross domestic product grew 0.6% in the second quarter of the year, the country's statistics agency said on Thursday, its first rise since the start of 2018, as Latin America's No. 3 economy battles to reignite growth.
Argentina's bonds dipped on Friday while the trading price of the peso in the black market veered further away from the official spot rate after the government rolled out additional currency controls earlier this week. The country's over-the-counter bonds dipped 2.5% while currency trades in the unofficial parallel market saw the peso dip more than 2.44% to 61.5 per U.S. dollar.
* FITCH SAYS ARGENTINE BANK RISK RISES AMID ECONOMIC, POLITICAL CRISIS. * FITCH SAYS CONDITIONS ARE LIKELY TO EXACERBATE ARGENTINE FINANCIAL INSTITUTIONS' ALREADY DETERIORATING PERFORMANCE. * FITCH SAYS ARGENTINE BANKS' GROWTH AND PROFITABILITY WILL BE CHALLENGED FOR FORESEEABLE FUTURE AS RECESSION WILL LIKELY DEEPEN.
The International Monetary Fund has a tough choice to make in Argentina: Unlock over $5 billion in funds under the country's loan deal as the government strains to stave off default, or hold the money back and risk sparking more market panic.
1
News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.
PDF’s require Adobe® Reader® and will open in a new window.
