BUENOS AIRES (Reuters) – Argentina’s financial exercise grew 0.2% in August from July and fell lower than anticipated from a yr in the past within the South American nation’s third straight month of year-on-year contraction, its official statistics company stated on Wednesday.
The grains-rich nation’s financial exercise fell 3.8% year-on-year, lower than an estimated 4.9% drop by analysts in a Reuters survey.
Robust austerity measures by libertarian President Javier Milei, which have helped decrease inflation and stabilize state funds, have additionally taken a toll on many sectors of the financial system.
Development had the steepest decline in August, contracting 17%, whereas the wholesale and retail sector and manufacturing fell 7.9% and 6.7% respectively.
5 sectors posted year-on-year development in August, statistics company INDEC stated, notably fishing, which was up simply over 17%, and mining, which grew 6%.
(Reporting by Hernan Nessi and Aida Pelaez-Fernandez; Writing by Brendan O’Boyle; Enhancing by Richard Chang)
