Argentina economic transition shows mixed results through 2026

An economic analysis of Argentina’s transition between November 2023 and October 2026 reveals significant shifts in macroeconomic stability and social indicators. The period was characterized by efforts toward macroeconomic stabilization, correction of relative prices, reduction of distortions, fiscal surpluses, and increased external openness.

Key achievements include a deep reduction in inflation, with annual rates dropping from over 211% in 2023 to 33.4% by September 2026, and a significant improvement in the monthly trade balance, which reached a surplus of US$ 2,976 million in September. Additionally, the country moved from chronic fiscal deficits to sustained primary and financial surpluses since 2024.

However, the transition has incurred notable social and productive costs. Registered private salaried employment saw a decline of approximately 265,000 positions between November 2023 and July 2026. Furthermore, the number of employing companies decreased by 32,290 net units, and labor informality rose from 41.4% at the end of 2023 to 45.0%.