BUENOS AIRES (Reuters) – Argentina’s financial system recorded its first quarterly growth between July and September since coming into a technical recession on the finish of 2023, however contracted additional in annual phrases, based on official information launched on Monday.
Gross home product (GDP) elevated by 3.9% within the third quarter in seasonally adjusted phrases in comparison with the second quarter, following three consecutive quarterly declines.
In comparison with a yr earlier, GDP fell by 2.1%, the sixth consecutive contraction. That compares to analysts’ forecasts of a 2.6% decline.
Argentina’s financial system has faltered as business slowed as a consequence of libertarian President Javier Milei’s harsh austerity insurance policies.
Milei’s administration lower social spending and initiated mass layoffs within the public sector, and one of many highest annual inflation charges on the earth fell to 166%. However the financial system has slowed and poverty charges have exceeded 50%.
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