News of recession

Argentina exited recession as Milei eyes growth before midterms

Yesterday 21:22 Argentina emerged from a brutal recession in the third quarter; Gross domestic product expanded 3.9% from July to September compared to the previous three-month period, better than analysts’ expectations.

ECONOMIC OUTLOOK

Argentina’s recession ‘is over,’ Milei tells business leaders

08-11-2024 14:49 “The recession is over. We are emerging from the desert," President Milei tells business leaders at event in Buenos Aires.

ECONOMIC INDICATORS

Economic activity slumped 3.4% in first half of 2024, reports INDEC

19-09-2024 00:48 Recession deepens with 1.7 percent contraction in second quarter of the year; Economic activity down 3.4% overall in first half of 2024.

ECONOMY – ANALYSIS

Argentina's recession deepened as Milei shock therapy stung

19-09-2024 00:34 Economy sunk deeper into recession in second quarter as ripple effects from currency devaluation and austerity exacerbated a downturn.

PAIN FOR PyMES

More pain for PyMES – small and medium businesses warn closures lie ahead

02-09-2024 08:55 Business chamber warns that around 10,000 small and medium-sized enterprises closed in the first half of the year. If things don’t improve, the same amount could be shuttered before the year is out.

by Gonzalo Martínez

ECONOMIC INDICATORS

Economy contracted in June, recession grinds on

21-08-2024 23:36 Argentina’s economy unexpectedly contracted in June, shrinking for the fourth time in six months.

ECONOMIC INDICATORS

INDEC reports 5.1% Q1 slump in GDP, unemployment on rise

24-06-2024 20:58 Argentina's economy contracted by 5.1% in first quarter, says INDEC; Unemployment hit 7.7% as Milei government’s austerity measures began to kick in.

ECONOMIC CRISIS

Argentines pawn the family jewels to make ends meet

17-06-2024 14:15 Hundreds of Argentines are selling their jewellery at gold dealerships every day as a last resort to face the economic crisis.

ECONOMIC INDICATORS

Industrial output, construction plunge amid recession

08-05-2024 21:41 Construction activity also plunged 42 percent in March, its worst annual decline since mid-2020 when the country was in a strict lockdown due to the pandemic.

PRODUCTION & INDUSTRY

Industry on the ropes: Tough times for factories as consumers cut back

24-04-2024 17:24 Factories are on the ropes between adjustment and recession in Argentina. Representatives of small- and medium-sized enterprises (SMEs, or PyMES) warn drop in consumption is threatening the future of industry.

RELATIONS WITH CHINA

Central Bank chief Bausili among top officials headed to China

18-04-2024 18:02 Top government officials are preparing to visit China in the next few weeks as President Javier Milei ditches his aggressive rhetoric against Beijing in a bid to deepen ties with a key trade partner.

POLITICS – ANALYSIS

The calm before the storm?

30-03-2024 06:07 The depth and severity of the recession that the plan put together by Economy Minister Luis ‘Toto’ Caputo will bring is beginning to reveal its impact.

by Agustino Fontevecchia

ECONOMIC OUTLOOK

Economy sputters toward recession as Milei takes reins

23-11-2023 14:42 Argentina’s economy stalled after an August devaluation of the official peso rate, further llustrating the challenges ahead for the president-elect.

ECONOMIC OUTLOOK

Argentina’s Milei to face ‘painful recession’ next year, IIF says

20-11-2023 15:07 “A painful recession in 2024 seems inevitable, no matter what policy framework prevails,” warns Institute of International Finance.

BLOOMBERG – ANALYSIS

Recession, inflation, devaluation: Economic troubles in 5 charts

19-10-2023 13:46 Argentina’s next president will take over in the middle of a financial emergency — which is par for the course in one of the world’s most dysfunctional economies.

HELP FROM BEIJING

China lets Argentina tap extra US$6.5 billion from swap line

18-10-2023 14:01 Move comes right before Argentina’s presidential election on Sunday as political uncertainty roils markets and the peso’s parallel exchange rate sells off.

ECONOMIC INDICATORS

Argentina's economy grew in July despite recession on horizon

27-09-2023 13:02 Argentina's economy broke a four month streak of decline in July, beating estimates and growing at 2.4%.

ECONOMIC INDICATORS

Argentina's economy shrank most since 2020 amid record drought

20-09-2023 08:52 Argentina's GDP shrank 2.8% in the second quarter of the year, more than the 2.5% contraction forecast by experts. From a year ago, activity contracted 4.9%.

Exchange rate woes

Argentina’s neighbours flood borders for cheap skiing, shops, steaks

21-07-2023 16:55 Argentina sees a surge in travelers from Chile and Uruguay who seek cheaper prices on goods and experiences, benefiting from the currency crisis and multiple exchange rates in the country.

BUENOS AIRES & BEIJING

China allows Argentina to spend up to US$10 billion of currency swap line

02-06-2023 13:20 Chinese officials approve Argentina tapping up to 70 billion yuan (US$9.89 billion) of currency swap line, double the previous limit, according to a Central Bank statement.

CURRENCY SWAP

Argentina seeks bigger China swap line to prevent peso sell-off

24-05-2023 10:48 Argentina’s government is asking China for an expansion of its bilateral currency swap in yuan as it seeks to build up reserves.

URUGUAY

Uruguay leads Latin America with first rate reduction

19-04-2023 21:06 Uruguay becomes first inflation-targeting country in Latin America to start lowering borrowing costs after economy entered technical recession towards end of last year.

DROUGHT

Argentina’s worst drought in memory lands new blow to economy

09-03-2023 13:36 Gross domestic product in South America’s second-largest economy, which desperately needs US dollars, will shrink 3 percent this year, worse than the previous forecast for a 1.5 percent contraction, as one of the worst droughts in recent memory ravages crucial farm exports.

ECONOMIC INDICATORS

Not even a World Cup win can save Argentina’s economy from decline

24-02-2023 10:08 Economy contracted more than expected in December even after the country won its much-celebrated third World Cup title, lending weight to view that recession lies ahead later this year.