Private consumption grew by 11.6% year-on-year and reached the highest level in history.

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.

Seasonal peaks remain present—as they do every year—but what matters is the structural trend: consumption is recovering, even beyond the expected rebound.

In the same period, gross fixed capital formation soared 9.8% quarter-on-quarter and 31.8% year-on-year, indicating that not only is more being consumed, but also more is being invested. This data outlines a scenario of dual expansion: both consumption and investment, the two main drivers of a dynamic economy.

Critical sectors of Javier Milei's government insisted for weeks on the supposed "collapse of consumption" as an argument to delegitimize the economic plan. However, INDEC, an official and autonomous body, categorically refutes that diagnosis.

The data leave no room for ambiguity: consumption not only did not fall, but is at historic record levels. This is the result of an economy that, despite the correction and pending challenges, is regaining efficiency, order, and predictability. Disproving those who cling to catastrophic diagnoses and far from being a "wild adjustment," the libertarian program continues to show its tangible results in the daily lives of Argentinians.