The National Statistics Institute (INDEC) announced that GDP shrank by 9.9% in 2020 year-on-year, its worst fall since 2002. The slump surpassed the 11.8% drop initially projected by the IMF. It was, however, one of the deepest contractions recorded in Latin America. GDP did rise 4.5% in the fourth quarter of the year, signalling a recovery. The worst-affected industries were hotels and restaurants (down 49.2%), community, social and personal services (minus 38.9%) and construction (minus 22.6%). Fishing (minus 20.9%), domestic services (minus 18.6%), transport and communications (minus 17%), and mining exploitation (minus 10.5%) were also hit hard. Imports were also down 18.1%, exports fell 17.7%, consumption dropped 13.1% and investment slowed by 13%. The worst period in 2020 was between April and May when measures to reduce circulation of people were at their strictest.  2020 is now officially Argentina's third year of recession. The IMF has forecast that the economy will rebound 4.5%, though the government expects that figure to be closer to 7%.