Argentina Economic Activity Contracts in November

2026-01-21 19:15 By Felipe Alarcon 1 min. read

Argentina’s economic activity declined 0.3% year-on-year in November 2025, down from a 3.2% increase in October and marking the first contraction since September 2024.

The slowdown reflected weaker performance across several sectors, including manufacturing (-8.2% vs -2.7%), construction (-2.3% vs 5.3%), trade (-6.4% vs 0.6%), real estate and business services (0.4% vs 3.8%) and education (0.7% vs 0.9%).

By contrast, agriculture strengthened (10.5% vs 3.1%), hotels and restaurants moved into modest positive territory (0.3% vs -0.4%), transport and communications moderated (1.8% vs 2.5%) and financial intermediation remained a positive contributor albeit smaller (13.9% vs 23.1%).

Utilities posted a smaller gain (1.6% vs 2.1%) and the public sector’s small contraction persisted (-0.6% vs -0.8%).

Mining stayed in expansion but slowed (7.0% vs 8.1%).

On a monthly, seasonally-adjusted basis, activity fell (-0.3%), while the trend-cycle was unchanged (0.0%).



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Argentina Economic Activity Contracts in November
Argentina’s economic activity declined 0.3% year-on-year in November 2025, down from a 3.2% increase in October and marking the first contraction since September 2024. The slowdown reflected weaker performance across several sectors, including manufacturing (-8.2% vs -2.7%), construction (-2.3% vs 5.3%), trade (-6.4% vs 0.6%), real estate and business services (0.4% vs 3.8%) and education (0.7% vs 0.9%). By contrast, agriculture strengthened (10.5% vs 3.1%), hotels and restaurants moved into modest positive territory (0.3% vs -0.4%), transport and communications moderated (1.8% vs 2.5%) and financial intermediation remained a positive contributor albeit smaller (13.9% vs 23.1%). Utilities posted a smaller gain (1.6% vs 2.1%) and the public sector’s small contraction persisted (-0.6% vs -0.8%). Mining stayed in expansion but slowed (7.0% vs 8.1%). On a monthly, seasonally-adjusted basis, activity fell (-0.3%), while the trend-cycle was unchanged (0.0%).
2026-01-21
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