Argentina economic activity declines for fourth straight month in July

Argentina's economic activity fell 1.3% in July from a year earlier, the country's official statistics agency said on Tuesday, beating analysts' estimate of a 3.7% drop in a Refinitiv poll. July's result marks the fourth time in a row the country has registered a negative result.

Argentina's economic activity fell 1.3% in July from a year earlier, the country's official statistics agency said on Tuesday, beating analysts' estimate of a 3.7% drop in a Refinitiv poll.

July's result marks the fourth time in a row the country has registered a negative result. The country's economy has been severely hit by poor performance in the agricultural sector, which registered a 14% drop year-on-year, according to INDEC data.

The South American nation is one of the world's largest exporters of grains, but its last harvest suffered what has been called the worst drought in 60 years. The economic indicator is considered an important marker as it drives the progress of Gross Domestic Product, or GDP.

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