The financial and mining sectors were the main drivers of growth
The trend-cycle component of the EMAE showed a slight negative variation (-0.1%), interpreted by INDEC itself as stabilization after several months of strong recovery. The agency also highlighted that the 2025 series remains at higher levels than in 2023 and 2024, when activity was in recession.
The Government celebrates these figures as evidence of the success of the economic stabilization program led by Minister Luis Caputo, which managed to restore fiscal accounts, reduce inflation, and lay the foundations for sustainable growth. After years of populism and intervention, the data confirm that the Argentine economy is growing again on solid foundations.
The next EMAE report, corresponding to September, will be published on November 25 and could confirm whether the country consolidates its longest quarterly recovery since 2017.
The National Institute of Statistics and Censuses (INDEC) reported that the Monthly Economic Activity Estimator (EMAE) recorded a year-on-year increase of 2.4% in August 2025, while in the seasonally adjusted comparison with July, the indicator rose by 0.3%. In the accumulated total for the first eight months of the year, the economy shows an expansion of 5.2% compared to the same period in 2024, confirming the economic direction of the Government and consolidating the growth trend observed during Javier Milei's administration.
The data confirm a sustained recovery after several years of stagnation and decline, driven mainly by financial intermediation, which grew 26.5% year-on-year, and mining and quarrying, with a jump of 9.3%. Both sectors contributed the greatest positive impact to the overall level, reflecting improved profitability in the financial system, openness to investment, and the mining boom, particularly lithium, as engines of the new Argentine economic cycle. Deregulation policies and the opening of foreign trade are beginning to yield visible results in production and private investment.
Sectors related to transportation (+2.6%), social and health services (+1.5%), and education (+1.1%) showed signs of recovery, in a context of declining inflation, credit recovery, and a gradual increase in private investment. Macroeconomic order and exchange rate stability achieved by the economic team also contributed to improved business expectations and activity levels.
