As reported by the INDEC national statistics bureau, Argentina’s economic activity shrank by 16.2% in the second quarter of 2020 and by 19.1% year-on-year, the largest drop since 2002. In the first six months of 2020, the activity fell by 12.6%, compared to the same period in 2019. Reflecting the full impact of a nationwide lockdown, between April and June 2020, private consumption fell by 22.3% year-on-year; public consumption -10.1%; investment -38.4%; exports -11.7%; and imports -30.1%. The sectors with the greatest drops in the second quarter were: hotels & restaurants -73.4%; social & personal services -67.7%; construction -52.1%; manufacturing -20.8%, transportation & communication -22.5% and commerce -16.9%.