Javier Milei's economic management continues to show strong results. According to the General Activity Index (IGA) prepared by the consulting firm Orlando J. Ferreres & Asociados, the Argentine economy grew by 0.7% in August compared to July and by 5.5% compared to the same month last year, thus accumulating a 5.8% increase so far in 2025.
The report highlights that the expansion took place in a challenging context, after months of stagnation and specific declines in activity, and that the contraction of the previous month was more than reversed. "The 5.5% year-on-year increase reflects a better result than that recorded last month, with key contributions from financial intermediation, wholesale trade, manufacturing industry, and mining and oil activity", the document states.
La economía argentina creció 0,7% en agosto y 5,5% en los últimos 12 meses
Key sectors in growth
Financial intermediation and trade: main drivers of the rebound, with notable advances that demonstrate private sector confidence.
Manufacturing industry: grew by 1.7% year-on-year in August, accumulating 2.5% over eight months. The seasonally adjusted rebound was 1.1%, thanks to the momentum of the oilseed and automotive industries.
Mining and quarrying: one of the most dynamic sectors, with 4.9% year-on-year growth in August and an accumulated expansion of 8% in 2025, led by crude oil.
Construction, transportation, communications, education, and health: also showed year-on-year improvements according to INDEC data.
Not all sectors advanced at the same pace. Agriculture and livestock recorded a 2.2% contraction in August, while electricity, gas, and water fell by 4.7% compared to the same month last year. However, the relative weight of these branches in the total economy is lower compared to the sectors that drove the expansion.
La economía argentina creció 0,7% en agosto y 5,5% en los últimos 12 meses
Ferreres's study warns that, "beyond the August rebound, the outlook going forward is challenging" due to exchange rate tensions and political uncertainty ahead of the October elections. Nevertheless, it emphasizes that "the Executive's moves in recent days, securing explicit support from the United States government, helped calm the markets and temporarily dispel doubts about the sustainability of the economic program".
In this regard, the evolution of economic activity is linked to the electoral outcome, although the report acknowledges that the fiscal and monetary stabilization measures implemented by Milei are already showing a tangible positive effect on the level of activity.
INDEC's perspective
Official data from the statistical agency confirm the trend: in July, of the 15 sectors surveyed by the Monthly Economic Activity Estimator (EMAE), 11 recorded year-on-year increases. Financial intermediation led with 23.2%, followed by mining and quarrying, with a 13.4% rise.
Trade (2.1%), transportation and communications (1.5%), construction (3.0%), hotels and restaurants (2.1%), education (1.2%), social and health services (1.2%), and agriculture, livestock, hunting, and forestry (0.7%) also stood out.
