The Government of Argentina has achieved yet another victory in restoring the country to its former economic glory. Milei’s libertarian proposals and austerity measures have led to the largest economic growth since 2022, with private consumption also on the rise.
Official Data Shows Argentina’s Growth Keeps Breaking Records
Argentina continues to post positive economic figures despite still facing some headwinds. According to official data prepared by the national statistics institution INDEC, the country experienced a growth of its Gross Domestic Product (GDP) of 5.8% during the first quarter, outgrowing other larger, more dynamic economies of the world.
The figure reinforces the positive effects of Javier Milei’s austerity and deregulation policies, as well as the outcome of partially lifting the currency controls that had been in place in Argentina for more than a decade.
Two key elements supported the country’s growth, managing to surpass China’s figures, which grew by 5.4% during the same period. The first is the increase in consumption, which rose 11.8% compared to 2024’s Q1, marking an all-time high for this index. This also surpassed the figures posted in the previous quarter, reinforcing a continued trend.
Investment figures also posted very positive results, rising by close to 32%, reaffirming the revival that Argentine markets have experienced both locally and internationally.
Exports also grew 7.2%, reaching the highest level for the first quarter and the third highest number ever.
Economy Minister Luis “Toto” Caputo highlighted that these milestones were achieved without emergency measures and by fulfilling the state’s commitments. “All this in a context of collapsing inflation and a restructuring of relative prices. Without defaults, without breaching contracts, and with a well-capitalized Central Bank,” he remarked.
Caputo refers to the dwindling inflation registered in May, which reached 1.5%, registering its lowest mark since May 2020. The figures were a confirmation of the success of the monetary policy of Milei’s administration, which managed to contain price expansion while incentivizing private consumption and investment.
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