Milei Holds Nearly 50% Approval as Argentina Shows Economic Stabilization

A survey by Management & Fit shows President Javier Milei maintains a 47.7% approval rating while 43.6% of Argentines report difficulties covering monthly expenses.

That figure, although still high, declined almost six points from the previous month. Only 13.7% of citizens say they are able to save, while 39.3% report their income just covers costs.

The poll also finds corruption ranked as the country’s top concern at 21.7%, followed by inflation and insecurity at 17.1% each. Despite broad financial strain, Milei remains Argentina’s strongest political figure in image balance.

His positive rating stands at 41.7%, slightly below his negative rating. Former president Cristina Fernández de Kirchner, former economy minister Sergio Massa, and Buenos Aires governor Axel Kicillof rank far less favorably.

Interest in voting has also increased, with 45.7% of respondents saying they are strongly motivated to participate in October’s midterm elections. Official economic data show signs of stabilization.

INDEC reports inflation slowed to 1.9% in July, with annual inflation at 36.6%. It marked the third straight month below 2%, a sharp contrast to the triple-digit rates of 2023.

INDEC also recorded a 5% year-on-year increase in economic activity in May, led by commerce, manufacturing, and financial services, although activity slipped 0.1% from the previous month.

Argentina’s Fiscal Tightening and Social Strains

The Ministry of Economy reported a primary surplus of 1.75 trillion ARS ($1.36 billion) in July, the seventh monthly surplus in a row. However, once debt interest was included, the overall balance turned into a deficit of 168.5 billion ARS ($130 million).

This indicates that government revenues continue to exceed spending, but debt obligations still weigh heavily on the accounts.

Poverty, measured by Universidad Torcuato Di Tella using official price data, dropped to about 31.6% in the first half of 2025, compared with 38.1% in late 2024.

It was the lowest level since 2018, showing relief from last year’s crisis. Still, more than three-quarters of households say they changed consumption habits due to the downturn.

Milei’s vetoes of pension increases, disability aid measures, and wage hikes for the Garrahan hospital generated disapproval of more than 60% in the survey.

At the same time, the government pressed ahead with privatizations, including the process to sell majority control of the state water utility AySA. Cuts to discretionary transfers to provinces further strained relations with local governments.

From a mercantile standpoint, Argentina now runs a tighter fiscal policy, a more stable currency path, and a sharply lower inflation rate.

Investors see a country with falling poverty, improving fiscal accounts, and leadership willing to implement structural changes despite resistance. The October elections will determine whether Milei can sustain political momentum as social costs of adjustment remain high.

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