GDP fell by 3.5% year on year and 0.7% quarterly. The news coincides with the transfer of Prostitutes Presidency in Mercosur to the Trans-Andes nation, which will try to revive the weakened block in the midst of the crisis it is experiencing.
Argentina officially fell in recession in the third quarter of 2018, with its gross domestic product (GDP) recorded a decrease of 3.5% compared with the previous year and 0.7% quarterly, in line with estimates.
The data was published by the National Institute of Statistics, Indec, which noted that there was a slight improvement over the previous quarter, a period severely affected by the severe drought that affected agricultural production.
However, the institute describes that there was deeper retardation in other sectors such as private and public consumption and exports of goods and services.
And in this context, the Argentine president today received the Presidential Project of the Common Market in the South (Mercosur), from his Uruguayan counterpart Tabaré Vásquez, in order to revive the regional block among important challenges.
Macri is already due to the first failure to deal with Mercosur in 2017, without a positive outcome in negotiations with the European Union (EU) on a free trade agreement.
Mercosur like a catapult
Macri could now have the golden opportunity to marry in the international sphere through Mercosur if he achieves the goals he has proposed and returns the relevance to the block, sometimes when he is almost paralyzed by differences between member states.
"We argue that integration of our region in the world is fundamental," said the President in his speech, where he also spoke of the G20 Summit and the commitments made.
Thus, Macri will seek Mercosur to achieve concrete actions during the months of the mandate and leave at least one legacy visible.
"This is an opportunity to reposition us as a block facing the world, without fear of acknowledging that there are things we need to move on," he said.