Argentina's economic activity up 0.3% in August

Economic output was led by positive trends in mining and quarrying, but dragged by its manufacturing, fishing and agriculture sectors, 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.

Argentina's economic activity increased 0.3% in August from a year earlier, the country's official statistics agency said on Tuesday, beating the 2.5% drop forecast by analysts polled by Refinitiv.

August's result marks a positive turning point after four consecutive months of decline. Economic output was led by positive trends in mining and quarrying, but dragged by its manufacturing, fishing and agriculture sectors, 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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