BUENOS AIRES (Reuters) -Argentina’s economic activity rose 7.7% in April compared with the same month last year, the biggest annual increase in around three years, official data showed on Monday.
The figure for Latin America’s third-largest economy came above the 6.6% expansion projected by analysts polled by Reuters.
The pace of growth accelerated from the 5.4% expansion it reported for March.
Most economic sectors expanded in the month, led by the financial sector, which jumped 28.4%, and construction, which registered a 17.1% increase.
On a month-on-month basis, Argentina’s economic activity increased 1.9% in April.
“The April EMAE data shows the recovery trend continues,” said Eugenio Mari, chief economist at the Liberty and Progress Foundation, adding that the decline observed in March was “clearly a temporary figure responding to the uncertainty generated in the run-up to the agreement with the IMF.”
The government of libertarian President Javier Milei has implemented a series of tough austerity measures as it looks to lift Argentina’s economy out of a crisis marked by steep and persistent inflation.
(Reporting by Hernan Nessi and Natalia Siniawski; Editing by Sarah Morland)
