BUENOS AIRES, June 30 (Reuters) – Argentina’s economic activity increased by 7.7% in April compared to the same month last year, marking the highest annual growth rate in nearly three years, according to official data released on Monday.
This growth exceeded analysts’ expectations of a 6.6% expansion, as reported in a Reuters poll.
The growth momentum accelerated from the 5.4% expansion recorded in March.
Most sectors of the economy expanded during the month, with the financial sector leading the way at a 28.4% increase, followed by construction, which rose by 17.1%.
On a month-on-month basis, Argentina’s economic activity grew by 1.9% in April.
“The April EMAE data shows the recovery trend continues,” said Eugenio Mari, chief economist at the Liberty and Progress Foundation, noting that the decline observed in March was “clearly a temporary figure responding to the uncertainty generated in the run-up to the agreement with the IMF.”
President Javier Milei’s government has implemented a series of stringent austerity measures aimed at pulling Argentina’s economy out of a crisis characterized by high and persistent inflation.
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Argentina’s April economic activity beats forecasts to bolster Milei rebound
BUENOS AIRES, June 30 (Reuters) – Argentina ‘s economic activity rose 7.7% in April compared with the same month last year, the biggest annual increase in around three years, official data showed on Monday.
The figure for Latin America ‘s third-largest economy came above the 6.6% expansion projected by analysts polled by Reuters.
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The pace of growth accelerated from the 5.4% expansion it reported for March.
Most economic sectors expanded in the month, led by the financial sector, which jumped 28.4%, and construction, which registered a 17.1% increase.
On a month-on-month basis, Argentina ‘s economic activity increased 1.9% in April.
“The April EMAE data shows the recovery trend continues,” said Eugenio Mari, chief economist at the Liberty and Progress Foundation, adding that the decline observed in March was “clearly a temporary figure responding to the uncertainty generated in the run-up to the agreement with the IMF.”
The government of libertarian President Javier Milei has implemented a series of tough austerity measures as it looks to lift Argentina ‘s economy out of a crisis marked by steep and persistent inflation.