BUENOS AIRES, June 24 (Xinhua) -- Argentina's gross domestic product (GDP) fell 5.1 percent year-on-year in the first quarter of 2024, the National Institute of Statistics and Censuses (INDEC) reported on Monday.

The sharp contraction was driven by decreases in private and public consumption, which fell 6.7 percent and 5 percent respectively. Investment dropped 23.4 percent and imports fell 20.1 percent. In contrast, exports saw a significant increase of 26.1 percent.

Compared to the previous quarter, GDP decreased by 2.6 percent, with a notable 12.6-percent drop in investment and a 12.1-percent decline in imports, according to INDEC.

The economic breakdown by sector showed that construction was the hardest hit, with a 19.7-percent decline in the first three months. The manufacturing industry contracted by 13.7 percent, financial intermediation fell 13 percent, and wholesale and retail trade decreased by 8.7 percent.

The contraction was the sharpest for a first quarter since 2019, according to local newspaper Ambito Financiero. Enditem

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