Argentina Recession Deepens as Economy Shrinks More Than Expected in the Second Quarter
Argentina: Argentina saw its economy contract by 1.7% in the second quarter of 2024 compared to the previous three months, deepening the ongoing recession in the country, according to data from the national statistics agency INDEC. While the farming sector grew significantly, up 81.2%, other key industries struggled, with construction falling 22.2%, manufacturing dropping 17.4%, and retail activity down by 15.7%. Consumption and private investment also declined, though exports increased. The country has already been in a technical recession since early 2024 and faces inflation above 250% despite austerity measures introduced by President Javier Milei to stabilize the economy. The administration recently projected inflation to drop to 18% next year, with GDP growth forecast at 5%.
Source: Reuters