Home Top Stories Economic activity in Argentina will shrink less than expected in August

Economic activity in Argentina will shrink less than expected in August

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Economic activity in Argentina will shrink less than expected in August

BUENOS AIRES (Reuters) – Argentina’s economic activity grew 0.2% in August from July, falling less than expected from a year ago in the South American country’s third straight month of annual contraction , the official statistics agency said on Wednesday.

The grain-rich country’s economic activity fell 3.8% year-on-year, less than the 4.9% decline estimated by analysts in a Reuters survey.

Libertarian President Javier Milei’s harsh austerity measures, which have helped lower inflation and stabilize state finances, have also taken a toll on many sectors of the economy.

The construction sector saw the biggest decline in August, shrinking 17%, while the wholesale and retail sector and manufacturing fell 7.9% and 6.7% respectively.

Five sectors posted year-on-year growth in August, statistics agency INDEC said, notably fishing, which rose just over 17%, and mining, which grew 6%.

(Reporting by Hernan Nessi and Aida Pelaez-Fernandez; Writing by Brendan O’Boyle; Editing by Richard Chang)

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