Argentina's economy grows 2% in Q2, beating forecasts

Argentina's economy expanded 2.0% in the second quarter compared with a year earlier, government statistics agency INDEC said on Thursday, surpassing analyst expectations as mining, agriculture and exports bolstered activity.

Analysts had projected growth of 1.6% for the April-to-June period.

The annual increase was led by the fishing sector, which grew 45% year-on-year. Mining and quarrying rose 16%, while agriculture, livestock, hunting and forestry expanded 7%.

Exports of goods and services climbed 14% from a year earlier, while imports fell 9%.

Manufacturing was among the weakest major sectors, contracting 2% year-on-year.

On a seasonally adjusted basis, GDP fell 0.6% from the first quarter, marking the first quarterly contraction after a 0.7% increase in the January-March period.

The figures provide one of the broadest views of economic activity under libertarian President Javier Milei's reform program. Inflation has cooled sharply from triple-digit levels seen early in Milei's administration, while the government has pursued fiscal austerity aimed at eliminating chronic budget deficits.