Indicators
Argentina Recession Deepened as Milei Shock Therapy Stung
- Gross domestic product in 2Q fell 1.7% and 1.7% from year ago
- Government projects GDP to fall 3.8% this year before recovery
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Argentina’s economy sunk deeper into recession in the second quarter as ripple effects from President Javier Milei’s currency devaluation and austerity exacerbated a downturn.
Gross domestic product declined 1.7% in the three months through June compared to the previous quarter, in line with analysts’ expectations. From a year ago, the economy also shrank 1.7%, according to government data published Wednesday. It marks the third straight quarterly contraction in Argentina.