Argentina GDP Shrinks for Sixth Straight Quarter

Argentina’s economy contracted by 2.1% year-on-year in the third quarter of 2024, worsening from a 1.7% decline in the previous quarter but outperforming expectations of a 2.6% drop.

This marked the sixth consecutive quarter of contraction, driven by a sharp slowdown in the agriculture sector (13.2% vs 80.2% in Q2) as the rebound effects from a historic drought that had severely impacted grain production began to fade.

Conversely, declines in manufacturing production (-5.9% vs -17.4% in Q2), construction (-14.9% vs -22.2%), wholesale, retail trade and repairs (-6.1% vs -15.7%), and financial intermediation (-1.8% vs -9.8%) eased.

On a quarterly basis, Argentina's GDP rebounded by 3.9%, following a 1.7% decline in the previous period.