(Adds estimate for quarter/quarter growth, inflation, context)
LIMA, July 18 (Reuters) - Argentina's economy likely contracted 0.9 percent in the second quarter from the same period in 2015 and 0.3 percent from the first quarter, central bank President Federico Sturzenegger said on Monday.
The economy had defied expectations for a recession in the first quarter by growing 0.5 percent year-on-year, according to national statistics agency Indec.
Sturzenegger added that the central bank still expects consumer price rises to slow to 1.5 percent per month in the fourth quarter and for annual inflation to cool to its goal of 17 percent in 2017.
"We're maintaining our inflation targets for next year, and we're very close to them," Sturzenegger said during a presentation of a central bank report on monetary policy.
Consumer prices rose 3.1 percent in June, easing from the 4.2 percent rise in May, according to Indec.
Indec has not yet published an annual inflation figure for Latin America's No. 3 economy. (Reporting by Walter Bianchi; Editing by Alan Crosby, Bernard Orr)