No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeTopicsLatin AmericaPeru, Argentine economies post huge falls

Peru, Argentine economies post huge falls

Peru’s year-on-year GDP fell by 30 percent in the second quarter of 2020 as it was badly affected by coronavirus containment measures, the government said on Thursday.

Meanwhile, Argentina’s state statistics institute said its economy contracted by almost 13 percent in the first quarter of 2020 compared to the same period last year.

In Peru, mandatory confinement was in place throughout the whole of the second quarter and was only lifted in the majority of the country on July 1.

The worst-hit areas were mining, down 20.9 percent, processing (-44.5) and services (-28.3), the state statistics and information institute said.

In the first quarter, GDP had fallen by 3.5 percent, although that was attributed to a 16 percent fall in March when the health emergency began.

On Saturday, the statistics institute said GDP was down 17 percent in the first six months of 2020, putting the Peruvian economy into recession.

Peru’s economy had been robustly growing until the coronavirus pandemic struck, paralyzing the economy for more than 100 days and reducing it to 44 percent of its capacity.

The Central Bank expects GDP to fall by 12.5 percent in 2020 compared to growth of two percent in 2019 and four percent the year before.

Peru is one of the countries worst affected by the pandemic in Latin America, with 26,800 deaths and more than 550,000 cases.

In Argentina, the year-on-year fall in GDP for June was 12.3 percent, although that was an improvement on April (-26 percent) and May (-20.5).

The statistics institute said an easing of lockdown restrictions were responsible for the improvement.

Argentina has been in recession since 2018 and its GDP contracted by 2.5 percent last year.

The International Monetary Fund expects the economy to shrink by almost 10 percent in 2020.

Trending Now

Colombia Beats DR Congo 1-0 to Reach World Cup Knockouts

Colombia is through to the World Cup knockout stage after a hard-fought 1-0 win over DR Congo on Tuesday night, becoming one of the...

Costa Rica Celebrates Father’s Day the Tico Way — Slowly and Together

Across Costa Rica today, you're going to get the smell of slow-cooked meat drifting over backyard walls, while abuelo (grandfather) is being handed the...

Messi Breaks World Cup Scoring Record as Argentina Advances

For much of us here in Latin America, watching Lionel Messi at a World Cup has become a familiar ritual. On Monday, the Argentine...

Venezuela Earthquake Death Toll Tops 160 as Costa Rica Pledges Aid

The death toll from the twin earthquakes that struck Venezuela yesterday climbed to at least 164 by this morning, with nearly 1,000 people injured,...

Argentina’s Francisco Cerundolo Makes Tennis History with Queen’s Club Title

Argentina's Francisco Cerundolo claimed the biggest title of his career on Sunday, beating American Tommy Paul 6-7 (4), 6-4, 6-3 to win the HSBC...

Ex-Costa Rica Coach Alfaro Leads Paraguay to Crucial World Cup Win

Paraguay’s World Cup campaign came back to life Friday night under coach Costa Rican fans know all too well. Gustavo Alfaro, the Argentine manager...

Costa Rica Debt Plan Prompts Warnings Over Dollar and Public Finances

A group of Costa Rican economists is warning that the government’s plan to issue up to $13.5 billion in eurobonds is excessive, unnecessary in...

Rural Cuba Still Struggles After Last Year’s Hurricane as U.S. Aid Arrives

On a modified bicycle that serves as a wheelchair, Teodardo Debardet returns home after receiving a humanitarian aid package sent by the United States...

Colombia Shifts Right as Abelardo de la Espriella Wins Presidency

Millionaire attorney Abelardo de la Espriella will govern Colombia aligned with the principles of a right wing that is regaining ground across the continent,...
🌴 The Weekly Pura Vida

Costa Rica, Once a Week

The week's top stories, weather & insider tips — delivered every Sunday. One email, zero clutter.

🔒 Free. No spam. Unsubscribe anytime.

Loading…

Latest News from Costa Rica

Costa Rica Coffee Maker Chorreador
Costa Rica Car Rentals
Costa Rica Travel Insurance
Costa Rica Travel