In a context of fiscal adjustment, correction of relative prices, and macroeconomic reorganization, official data are beginning to openly contradict the catastrophic narratives promoted by opposition sectors. The latest report published by the National Institute of Statistics and Censuses (INDEC) revealed that private consumption in the first quarter of 2025 reached its highest value in history, measured in constant 2004 prices and seasonally adjusted.
The trend-cycle series, which eliminates transitory and seasonal components, clearly shows that private consumption is not only holding steady, but surpassing any previous peak recorded in the last 20 years, even above pre-pandemic values and the expansionary cycle of 2010-2017.
Additionally, in year-on-year terms, private consumption grew by a robust 11.6%, confirming that the real economy is beginning to feel the effects of macroeconomic stabilization and the return of confidence in the economic direction.
The data in perspective
The seasonally adjusted quarterly growth of private consumption was 2.9%, which implies a sustained improvement compared to the previous quarter, disproving the idea of a widespread decline in consumption. This data is even more relevant considering that it occurs simultaneously with a restrictive fiscal policy and no monetary issuance.
