Historic drought in Argentina seen shrinking GDP by 3 points

Rosario Grains Exchange estimates that extremely dry conditions will clip the country's gross domestic product in 2023 by $19 billion, compared to last year, as crop forecasts for the nation's main grains harvests have been repeatedly cut back in recent weeks.

"The drought has already claimed three points of the estimated Argentine GDP," the BCR said in a report. Argentina is one of the world's top grains producer and exporter, especially for key staples including soybeans, corn and wheat. Export tax revenue is a major contributor to the South American country's economy, which suffers from low foreign exchange reserves, massive debt as well as an annual inflation topping 100%.

That is interesting just spent three months ( left five days ago) there the central region Córdoba had best rain in long time 🤔

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