According to the Argentine president, the country overcame the economic recession, despite the 1.7% drop in GDP in the 2nd quarter of 2024
The president of Argentina, Javier Milei (La Libertad Avanza, right), stated this Friday (8.Nov.2024) that the country has overcome the economic recession and is beginning to show signs of recovery. Since assuming the presidency on December 10, Milei has implemented a policy of fiscal adjustment, with cuts to the education budget and mass layoffs in the public sector, known as the policy of “chainsaw”.
During a speech at the event that marked 100 years of the CAC (Chamber of Commerce and Services), Milei said that “the period of pain has come to an end”.
“I am proud to say that this period of suffering is over. The recession is over. We are leaving the desert. The country has finally started to grow again”he stated. Then, the Argentine criticized opponents: “Critic champions started to complain. First, they said we wouldn’t be able to sustain the adjustment, but we managed it in February and March”.
“It was difficult, it cost a lot, but we hope to have laid the foundations for a path that will make Argentina reach its greatest potential in the next 40 years. May the force of the cycle accompany us and live freedom, damn it”he concluded.
ARGENTINIAN ECONOMY
Argentina’s GDP (Gross Domestic Product) fell 1.7% in the 2nd quarter of 2024 compared to the same period in 2023, according to a report released by Indec (Institute of Census and Statistics) on September 18. Here is it (PDF – 1 MB, in Spanish).
The sectors that caused the biggest drop in the period were construction (-22.2%), manufacturing industry (-17.4%) and wholesale, retail and repair trade (-15.7%). Agriculture, livestock, hunting and forestry (81.2%) had the biggest increase.
In relation to , the index also fell 1.7%. “On the demand side, only exports saw a quarterly increase, in seasonally adjusted terms, with 3.9%. Private consumption fell by 4.1%, public consumption by 1.1% and gross fixed capital formation by 9.1%”the report said.
INFLATION AND INTEREST
Argentina’s monthly inflation. The result represents an increase of 0.2 percentage points in , compared to 4%.
Argentine annual inflation fell to 236.7% in August. The drop was 26.7 percentage points compared to the 263.4% recorded in July.
