During the fourth quarter of 2018, the Argentine economy accentuated its recession, falling at a rate of -6.21%. This was mainly due to the performance of domestic demand, which fell at a year-over-year rate of -14.31%. As for the labor market, the unemployment rate was 0.10 p.p. higher than the previous quarter, standing at 9.10%, while employment fell to a rate of -1.38%, representing a deceleration of 1.27 p.p. over the previous quarter. The peso depreciated against the dollar by 4.89 pesos per dollar with respect to 3Q18, recording an average exchange rate of 37 $ARS/USD during 4Q18. Finally, inflation stood at 47.34%, after accelerating by 11.95 p.p. with respect to 3Q18.
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