Argentina’s economy faced a 1.7% year-on-year contraction in Q2 2024, exacerbating the recession, according to the country’s stats agency INDEC. This decline resulted in a 3.4% drop in GDP for the first half of the year, with investment plummeting by 29.4% and imports falling by 22.5%. Both private and public consumption also saw significant decreases.
Various sectors felt the impact, with construction, manufacturing, and retail trade experiencing declines. However, agriculture, livestock, hunting, and forestry saw growth. Despite challenges, the utilities and transportation sectors managed slight increases.
Argentina’s GDP Shrinks 3.4% in First Half of 2024 Amid Recession
Argentine’s economy is in a prolonged recession, influenced by government policies and global economic conditions. President Javier Milei’s administration faces a predicted 3.8% GDP decline for the year, highlighting the uncertain path to recovery.