Argentina's economy shrank 1.7% in the second quarter of the year compared to the previous three-month period, the country's statistics agency said on Wednesday, pushing the embattled South American nation deeper into recession.

New Zealand faces another recession after the economy contracted in the second quarter, albeit less than economists and the central bank expected.

Argentina's economy likely shrank 1.4% in the second quarter versus a year earlier, a Reuters poll showed on Monday, the fifth such decline as a recession deepens under a tough austerity drive by libertarian President Javier Milei.