Key facts
- Argentina's economic activity increased by 2.7% in June year-over-year.
- This growth exceeded the 1.9% forecast by analysts.
- The June figure represents a jump from the 0.4% rise seen in May.
- Mining exports reached a new all-time high in the first four months of the year.
- Manufacturing and construction sectors experienced declines in June.
Argentina's economic activity climbed 2.7% in June compared to the same month a year earlier, according to data from the national statistics agency. This figure surpassed the 1.9% growth anticipated by analysts polled by Reuters and represents a substantial jump from the 0.4% rise recorded in May. The growth was primarily driven by fishing, mining, and quarrying, with mining exports reaching a new all-time high in the first four months of the year. However, manufacturing and construction sectors experienced declines in June. Various research centers provided differing estimates for economic performance, with some projecting low cumulative growth for the first six months. Experts caution that prolonged stagnation could occur if investment and purchasing power do not rebound. IMF head Kristalina Georgieva has raised concerns about the uneven nature of Argentina's economic growth and ensuring it is broadly shared.