The Argentine economy contracted for the first time in two years in the second quarter, a setback for President Javier Millet's administration. During the April-June period, GDP fell 0.6% from the previous quarter, better than Bloomberg survey analysts' median estimate of -0.9%. At an annual rate, the economy expanded by 2%, according to data released by the government on Thursday. Exports were the only category driving growth this quarter, while imports declined. Government spending, consumer spending, and capital formation all experienced quarter-on-quarter declines. The unemployment rate rose slightly to 7.9% during the same period. According to an AtlasIntel poll in August, unemployment is the biggest economic concern of Argentines.

The Argentine economy contracted for the first time in two years in the second quarter, a setback for President Javier Millet's administration. During the April-June period, GDP fell 0.6% from the previous quarter, better than Bloomberg survey analysts' median estimate of -0.9%. At an annual rate, the economy expanded by 2%, according to data released by the government on Thursday. Exports were the only category driving growth this quarter, while imports declined. Government spending, consumer spending, and capital formation all experienced quarter-on-quarter declines. The unemployment rate rose slightly to 7.9% during the same period. According to an AtlasIntel poll in August, unemployment is the biggest economic concern of Argentines.