Argentina's economy contracted by 1.7% in 2024 compared to the previous year, although it experienced growth for the second consecutive quarter in the last three months of the year, according to the country's statistics agency.
In seasonally adjusted terms, the gross domestic product (GDP) grew by 1.4% in the fourth quarter relative to the previous quarter, marking a consecutive quarterly expansion.
On a year-on-year basis, Argentina's GDP increased by 2.1% from October to December, surpassing analysts' expectations of a 1.7% growth.
The economy faced challenges in early 2024 due to a slowdown in industry amid severe austerity measures implemented by libertarian President Javier Milei. However, a rebound was noted in the latter months of the year.
While the government is working to address economic issues by eliminating capital controls, residents continue to struggle with soaring inflation, rising costs, and reduced public services.