Argentina's Economy Slows Amid Austerity Measures

Argentina's economic activity fell by 1.7% in April compared to the previous year, marking the sixth consecutive month of decline. Austerity measures by President Javier Milei have contributed to this slowdown. Declines were observed in eight sectors, with construction and manufacturing facing significant drops.

Argentina's economic activity decreased 1.7% in April from a year earlier, the country's official statistics agency said on Friday, a slight improvement from sharper declines in prior months.

April's result was the sixth month in a row that the country has registered a negative year-on-year result, marking the slowdown since libertarian President Javier Milei rolled out strict austerity measures after taking office in December. April's economic activity fell by less than the 4% decline expected by analysts polled by Reuters, and compared with 2.7% and 8.3% declines in February and March respectively.

Eight sectors logged declines in April's year-on-year comparison, data from the INDEC statistics agency showed. The country's economy was particularly hit in the construction sector, which registered a 24.8% drop compared with the same month in 2023.

The manufacturing industry, meanwhile, was down 15.7%, according to the data.

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