Argentina says economy contracts 0.8% year-on-year in third quarter

BUENOS AIRES (REUTERS) - Argentina's economy contracted 0.8 per cent in the third quarter of 2014 from the same period a year earlier, official data showed on Monday.

The country also reported a current account deficit of US$736 million (S$974 million) in the third quarter after posting a US$609 million surplus in the second quarter.

The current account is the broadest measure of a country's foreign transactions encompassing trade, services and an array of financial flows, including interest payments.

On a quarter-on-quarter basis, gross domestic product in Latin America's third biggest economy contracted by 0.5 per cent compared with a revised expansion of 0.8 per cent in the second quarter.

The government had originally said the economy grew 0.9 per cent between April to June on a quarter-on-quarter on basis.