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Argentina economic activity falls 2.9% in July amid inflation concerns
Argentina's economy is facing significant challenges as recent data from INDEC reveals a 2.9% monthly decline in economic activity for July, compared to June. This represents a 1.4% decrease on a year-on-year basis, erasing previous growth trends and raising concerns among economists about a potential technical recession.
Inflationary pressures are also resurfacing. While August saw a monthly CPI of 1.7%, private consultancies are projecting an acceleration in September. Analytica anticipates a 2% monthly inflation rate driven by a 1.8% weekly rise in food and beverages. Similarly, LCG reported a 1.4% increase in food and beverage prices during the third week of September, while EconViews projects a general CPI of 1.9% for the month.
Economy Minister Luis Caputo has attributed the July contraction to transient factors, including adverse weather conditions and gas shortages. The economic volatility follows a period of fluctuating activity throughout the year.
Entities
Analytica · Argentina · Banco de México · Banxico · Central American Monetary Council · Central Bank of the Dominican Republic · Econviews · INDEC · INEGI · Javier Milei · LCG · Luis Caputo
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 2 SOURCES] Argentina's CPI rose 1.7% in August compared to July. lapioneradeclorinda.com
- [● 6 SOURCES] Argentina's economic activity fell 2.9% in July compared to June. esnoticiatdf.com · elcorresponsalweb.com.ar · noticiasargentinas.com · santotomealdia.com.ar · cuestionentrerriana.com.ar · +1 more
- [● 6 SOURCES] The year-on-year economic activity in Argentina decreased by 1.4% in July. esnoticiatdf.com · elcorresponsalweb.com.ar · noticiasargentinas.com · santotomealdia.com.ar · cuestionentrerriana.com.ar · +1 more
- [DISPUTED] Analytica projects September's CPI will reach 2% due to a 1.8% weekly increase in food and beverages. crprensa.com · lapioneradeclorinda.com
- [DISPUTED] LCG reported a 1.4% increase in food and beverages during the third week of September. crprensa.com · lapioneradeclorinda.com
- [● 2 SOURCES] EconViews projects a general CPI of 1.9% for September. crprensa.com · lapioneradeclorinda.com
- [○ 1 SOURCE] Supermarket sales in Argentina fell 2.1% year-on-year in July. www.diagonales.com
- [● 2 SOURCES] Economy Minister Luis Caputo attributed the July economic decline to transient shocks including gas shortages and weather conditions. cuestionentrerriana.com.ar · imprensapublica.com.br
- [● 2 SOURCES] Argentina lost 245,600 formal private sector jobs between November 2023 and June 2024. revistaintertelas.com · semanaon.com.br
- [○ 1 SOURCE] Since November 2023, approximately 31,342 companies have closed in Argentina. revistaintertelas.com
- [○ 1 SOURCE] The electronic and medical equipment industry saw a 19.1% decline over the last year. revistaintertelas.com
- [○ 1 SOURCE] Fourteen out of eighteen surveyed sectors experienced a decrease in the number of companies. revistaintertelas.com