Argentina

Argentina Economy Forecast to Extend Recession in Second Quarter

Argentina's economy likely shrank 1.4% in the second quarter versus a year earlier, a Reuters poll showed on Monday, the fifth such decline as a recession deepens under a tough austerity drive by libertarian President Javier Milei, Reuters reported. That median GDP estimate from 15 analysts polled by Reuters for the April-June period would follow a 5.1% year-over-year contraction in the first quarter. The official data is released on Wednesday. Milei's cost-cutting has hurt economic activity and pushed up poverty and unemployment.
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Argentina's August Inflation Still Stubborn as Residents Struggle to Save

Argentina's monthly inflation rate stood at 4.2% in August, official data published on Wednesday showed, rising from last month and surpassing analysts' forecasts, while Argentines tighten their wallets to deal with spiraling costs, Reuters reported. Inflation in the 12 months through August reached 236.7%, still the highest level recorded in the world. Analysts had hoped for a slight monthly slowdown to 3.9%, which would signal progress for the government of libertarian President Javier Milei, which has been focused on taming runaway prices.
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MercadoLibre Slams Argentine Banks for ‘Cartel’ Tactics

MercadoLibre Inc. accused Argentine banks Monday of “illegally concentrating” under one payments platform as an anti-competitive tactic against the company’s fintech arm, Bloomberg News reported. Latin America’s largest company by market valuation filed a legal complaint before Argentina’s National Commission in Defense of Competition after banks — under their shared platform MODO — filed their own legal complaint in May alleging similar anti-competitive strategies by the firm’s Mercado Pago unit.
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Argentina Economic Activity Seen Back in the Red in June

Argentina's economic activity likely fell in June versus the same month a year earlier, analysts said, back in the red after a rare rise the month before amid tough austerity measures and cost-cutting under libertarian President Javier Milei, Reuters reported. The median forecast from 16 analysts sees economic activity down 1.9% year-on-year in the sixth month of the year, dropping back from May's 2.3% rise, as growth in the grains and gas sectors is weighed down by weak consumption and construction.
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