Despite Trump bailout, Argentina slips back into recession in November
Data published today by Argentina's Statistics and Census Institute (INDEC) showed the country's economy shrinking by 0.3% in November, compared to a year earlier.
Declines were most severe in fisheries (-25%), manufacturing (-8.2%), retail and wholesale commerce (-6.4%), and construction (-2.3%).
As in most of far-right President Javier Milei's two-year rule, significant growth was recorded only in finance (13.9%), agriculture (10.5%), and mining and extraction (7.0%).
The country's economy - Latin America's third-largest - declined a seasonally-adjusted 0.3% in November from October. The fifth such decline in nine months, it left GDP just 0.8% higher than in November 2023 - the last full month of the embattled, center-left Alberto Fernández administration.
The monthly decline - the second in a row - comes after U.S President Donald Trump pledged $20 billion to bail out the hard currency-strapped nation of 47 million ahead of mid-term elections in October (which Milei's party unexpectedly won).
Argentine officials on January 9 announced the repayment of the $2.5 billion drawn.
Mixed results
For the first eleven months of the year, GDP grew 4.5% - the best showing since 2022 and a rebound from the 2.0% decline in January-November 2024, when the impact from Milei's sharp austerity measures hit hardest.
The country recorded a $1.8 billion budget surplus in 2024, and just over $1 billion in 2025 - in sharp contrast to the $27 billion deficit recorded in 2023 (4.4% of GDP - compared to 6.2% in the U.S.).
The austerity measures are credited by Milei with helping reduce inflation to 31.5% last year - the lowest in eight years, and a dramatic improvement from around 211% in 2023 and 118% in 2024.
Argentina's labor market has borne the brunt of austerity, however, with the number of registered workers falling by 585,000 - or 4.4% - from November 2023 to October 2025 (the latest data available).
And while Milei pledged to "take a chainsaw" to public sector employees he often referred to as "the caste" during his 2023 campaign, seven out of eight jobs lost (some 513,000) have been in the private sector.
A net 21,000 employers (4.1% of the 2023 total) went out of business in Argentina during that period.
At: https://www-eldestapeweb-com.translate.goog/economia/actividad-economica/la-actividad-economica-volvio-a-caer-en-noviembre-empujada-por-el-derrumbe-de-la-industria-y-el-comercio-202612116944?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=wapp
Former President Alberto Fernández (center) poses with staff and public officials at Whirlpool's new factory in Pilar, Argentina, in June 2023.
Following two years of austerity and free-trade measures enacted (largely by decree) by his right-wing successor, Javier Milei, however, the U.S. appliance maker announced on November 26 that it would shutter the plant - adding some 220 workers to Argentina's growing ranks of unemployed.
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No doubt shooting some aid to Argentina's fascist president went a long way toward Milei's early "success" and can't be duplicated before he takes a real hit.
Hope the Argentine public will be able to get their country back out of the ditch, where Milei's sent it, before it hits nightmarish dire straights again as it did before Kirchner was elected.
Thank you for the article, peppertree. 