Argentina economy stalls again in June in challenge for Milei
2024.08.21 16:08
BUENOS AIRES (Reuters) – Argentina’s economic activity fell 3.9% in June compared to the same month last year, official data showed on Wednesday, as the economy shrunk again during the month after a rare rise in May.
The June downturn was double the 1.9% contraction expected by analysts surveyed by Reuters. The maximum drop predicted in the survey estimated that the beleaguered South American economy would shrink by 3.2%.
Tough austerity measures championed by libertarian President Javier Milei aiming at reining in triple-digit inflation have taken a toll on consumption, as well as in the key building and manufacturing sectors.
According to the data, construction was down nearly 24% year-on-year in June, while manufacturing activity dipped 20% for the month.
Argentina’s grains-driven farm and ranching sector, meanwhile, saw the most growth of any sector, as activity surged more than 82% in June.
