Argentina’s economic downturn: a closer look at June activity and sectoral impacts

In June, Argentina’s economic activity saw a slight decrease of 0.2% compared to the previous month, as reported by official sources.

This information, provided by the National Institute of Statistics and Census (Indec), aligns with the contracting trend observed in the country’s economy since March.

Furthermore, economic activity in June declined by 4.4% compared to the same month in 2022, marking the third consecutive month of decline.

Out of the 16 sectors analyzed by Indec, ten showed year-on-year improvement in June. Notably, the hospitality and mining sectors grew by 8.8% and 7.9%, respectively.

However, the agriculture and livestock sector negatively influenced June’s index.

This sector, heavily impacted by drought and significantly affecting Argentina’s overall economic activity, plunged by 40.4% year-on-year.

The manufacturing industry also experienced a decline, dropping by 3.6% year-on-year.

Argentina’s economic activity decreased by 1.9% for the first half of the year.

In contrast, the country’s GDP had grown by 5.2% the previous year, considerably lower than the impressive 10.4% growth in 2021.

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