Argentina’s economic activity fell by 0.3% in November 2025 compared with the same month a year earlier, marking the country’s first monthly contraction of the year, the national statistics agency INDEC said on Wednesday.
Analysts had expected growth of 1.7%. In October, economic activity had expanded by 3.2%.
Five of the sectors that make up the monthly economic activity indicator (EMAE) recorded declines. The largest drop was in fishing, which fell by 25%. Manufacturing slipped 8.2%, wholesale and retail trade declined by 6.4%, and construction fell by 2.3%.
Consultancy firm Orlando Ferreres and Associates said November’s figures were “disappointing”, but added that the outlook for 2026 remained positive. The firm had forecast 1.6% growth for the month.
Since coming to power at the end of 2023, libertarian President Javier Milei has pursued reforms aimed at restoring the economy by boosting exports and cutting public spending. Those measures have helped bring inflation down from record levels.
The data was released just hours after Milei spoke at the World Economic Forum in Davos, where he criticised socialist governments and called for reduced market regulation.
Last month, Argentina reported a 3.3% rise in third-quarter GDP. Analysts expect growth of 3.5% in the final quarter of 2025.
Argentina’s economic activity fell by 0.3% in November 2025 compared with the same month a year earlier, marking the country’s first monthly contr...
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