In Brief
BUENOS AIRES, Argentina (Reuters) – Argentina’s economy shrank in April for the first time in more than a year.
The 0.9 percent contraction in April from the same month a year ago came as the key agriculture sector plummeted 31 percent, according to government statistics agency Indec. That was a consequence of the country’s worst drought in years, which shrivelled the country’s soy and corn crops.
It was the first negative monthly reading since February 2017. The economy shrank 2.7 percent in April from March.
Treasury Minister Nicolas Dujovne has said the drought will reduce 2018 growth by 1.5 percentage points of gross domestic product.
