Argentina's GDP falls 5.1 percent in Q1english.news.cn/20240625/991ccce61ca94c5daa0d606d594b0e69/c.html
103 sats \ 5 comments \ @riberet19 26 Jun econ
Argentina's gross domestic product (GDP) fell 5.1 percent year-on-year in the first quarter of 2024, the National Institute of Statistics and Censuses (INDEC) reported on Monday.
The sharp contraction was driven by decreases in private and public consumption, which fell 6.7 percent and 5 percent respectively. Investment dropped 23.4 percent and imports fell 20.1 percent. In contrast, exports saw a significant increase of 26.1 percent.
Compared to the previous quarter, GDP decreased by 2.6 percent, with a notable 12.6-percent drop in investment and a 12.1-percent decline in imports, according to INDEC.
It seems that what Milei said is being fulfilled, that the situation in the short term would worsen, but that in the future the green shoots would arrive, for now, the situation has worsened, it only remains to see if the future green shoots arrive...
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16 sats \ 1 reply \ @TomK 26 Jun
Miley is taking the absolutely right approach by systematically reducing government demand and thus making room for the private sector. we can only hope that the social volatility triggered by this program will not stifle the positive effect of recalibrating the economy.
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42 sats \ 0 replies \ @riberet19 OP 26 Jun
Yes, I think the comeback will start soon, I have faith that he knows what he is doing, otherwise, I don't know how Argentina would face another economic blow...
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16 sats \ 0 replies \ @TheBTCManual 26 Jun
GDP is such a cucked measurement anyway, if inflation is dropping ofcourse GDP is going be lower wtf?
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16 sats \ 1 reply \ @Satosora 26 Jun
Its about the long term though. As long as it goes as well as predicted, everything will work out fine.
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0 sats \ 0 replies \ @riberet19 OP 26 Jun
As long as everything goes well... We'll see in the coming months, there's no easy way
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