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2026-09-18 03:40:09
Argentina's economy contracted for the first time this year in the second quarter of 2024, marking its first quarter-on-quarter decline in two years and posing a significant challenge to the government led by President Javier Millais. According to official statistics released Thursday, Argentina's GDP fell 0.6% quarter-on-quarter in the April-June period, better than the median forecast of -0.9% given by analysts compiled by Bloomberg; on a year-on-year basis, the economy grew by 2%. The only positive driver of the quarter's economic growth was exports, while imports declined during the same period. Government spending, household consumption expenditure, and gross capital formation all recorded quarter-on-quarter declines. During the same period, Argentina's national unemployment rate rose slightly to 7.9%. According to a poll released by AtlasIntel in August, unemployment is currently the most pressing economic issue for Argentinians.
