Argentina’s economic crisis deepened in January as activity fell 2.6% from the previous month, marking yet another record low under the libertarian government of President Javier Milei, according to official data released Wednesday by the National Institute of Statistics and Census (INDEC).

The monthly economic activity estimator (EMAE) posted its sharpest contraction since December 2023, underscoring the failure of key sectors like manufacturing and trade to rebound despite gains in agriculture and finance.

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The year-on-year comparison offered no respite: economic activity dropped 2.1% compared to the same month in 2025, worse than the 2.4% decline recorded in September 2024. INDEC also reported that net taxes after subsidies fell 4.2%, while utilities (electricity, gas, and water) shrank 6%.

Transport and communications fell 0.3%, real estate and business activities dropped 0.5%, and construction declined 0.6%.

Citing data from the Argentinian News Agency, local media noted that eight of the fifteen EMAE sectors posted gains in February, led by fishing (14.8%) and mining and quarrying (9.9%). But those advances were overshadowed by steep collapses in manufacturing (-8.7%) and wholesale and retail trade, including repairs (-7%), sectors that have so far failed to recover.

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