Argentina's economic activity saw a decline of 0.7% in October 2024 compared to the same month in 2023, marking the fifth consecutive month of year-on-year contraction.

Despite this annual decline, the economy experienced a quarter-on-quarter expansion for the first time since entering a technical recession at the end of 2023, with a 0.6% increase in October compared to September 2024.

In October, only six sectors reported growth, with mining leading at 7.4%, while agriculture and livestock also showed a modest increase of 2.3%.

Conversely, the fishing sector faced the largest year-on-year decline, plummeting by 50%, followed by the construction sector, which contracted by 14.5%.

These economic challenges are largely attributed to President Javier Milei's austerity measures, which aim to stabilize state finances and reduce inflation but have adversely affected various sectors.

Analysts had anticipated an even steeper contraction of 2.2% for the same period, indicating that the actual decline was less severe than expected.