Argentina’s financial system expands 3.9% in Q3 versus Q2

BUENOS AIRES (Reuters) – Argentina’s financial system within the July to September interval notched its first quarter-on-quarter financial enlargement since getting into a technical recession on the finish 2023, however contracted but once more in yearly phrases, official knowledge confirmed on Monday.

Gross home product (GDP) expanded 3.9% within the third quarter in seasonally-adjusted phrases versus the second quarter, coming after three consecutive quarter-on-quarter declines.

Versus a yr earlier, GDP declined 2.1%, the sixth straight contraction. That compares to analysts’ forecasts for a 2.6% decline.

Argentina’s financial system has faltered as business slowed amid a harsh austerity drive by libertarian President Javier Milei.

Milei’s administration has slashed social spending and launched mass public sector layoffs, and one of many world’s highest annual inflation charges has come right down to 166%. However the financial system has slowed and poverty charges have surged previous 50%.