The economy grew 1.3 percent in August as compared to the previous month, the INDEC national statistics bureau reported, while the year-on-year growth rate was 0.3 percent as against a contraction of 2.2 percent estimated by private consultants.
August was a month of outsider Javier Milei’s upset PASO primary win, which triggered an 18 percent devaluation and 12.4 percent inflation for that month, the worst in three decades. Argentina’s gross domestic product slumped 2.8 percent in the second quarter, the steepest decline since the peak of the pandemic in early 2020. A record drought wiping out US$20 billion worth of farm exports took a heavy toll. Economists surveyed by the Central Bank see GDP declining 2.8 percent this year and contracting again in 2024.